Tag Archives | oil production

Iran Not to Relinquish Share in Oil Market

Iranian Oil Minister Bijan Namdar Zanganeh dismissed the idea of Iran joining other oil-producing countries in a possible freeze of production to counter low prices, insisting that Iran will by no means relinquish its “historical” share in the global oil market. Speaking in a television talk show, Zanganeh made it clear that Iran “cannot relinquish […]

Iran Eyes 4m bpd Oil Output by March 2017

Iranian Minister of Petroleum Bijan Zangeneh said the country has planned to raise its crude oil output to 4 million barrels a day, from the current 3.2 million bpd, by the end of the current Iranian calendar year which began on March 20, adding the country intends to boost oil exports to 2.25 million bpd […]

Iran eyes $55bn Petrochemical Investment

By John Lee. Iran’s Deputy Oil Minister, Marzieh Shahdaei, told a conference in Berlin on Tuesday that Iran needs $55 billion for 60 projects in the petrochemical sector over the next 10 years. Shahdaei, who is also the President of the National Petrochemical Company (NPC), said she will not attend the planned oil producers’ meeting […]

Iran Expected to Add 500,000 bpd in 1 Year

The head of the International Energy Agency (IEA) said Iran is likely to add half a million barrels of oil supply per day within a year following a lasting nuclear deal between Tehran and world powers. Iran is expected to add 500,000 barrels of oil per day within a year from its existing oilfields after […]

Iran Oil Exports Hit 2.2m bpd

Iran’s oil exports reached 2.2 million barrels per day (bpd) in what could highlight a major progress in the country’s post-sanctions oil industry performance. First Vice President Eshaq Jahangiri said the figure marked a rise of 900,000 bpd in the country’s oil production that had been materialized within only two months after the lifting of […]

5 Reasons Iran will be able to wait out Low Oil Prices

By David Ramin Jalilvand, for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. Iranian officials have repeatedly rebuffed calls by other oil producers to halt or cut production. Tehran appears determined to reclaim market share lost as a result of EU and US sanctions imposed in recent […]

Iran Rejects Oil Output Freeze

By John Lee. Iran has reportedly put off plans to join nations proposing a freeze on oil production. BBC News quotes Oil minister Bijan Zanganeh (pictured) as saying that Iran would only join discussions to cap output after its production reached four million barrels per day. Mr Zanganeh said: “I have already announced my view […]

Iran Oil Exports up 30%

Iran increased oil exports by 30 percent last month, according to a report from APA. Oil Minister Bijan Zangeneh (pictured) told the Shana news agency that exports increased to 1.75 million bpd during the Iranian month of Bahman — which runs from January 21 to February 19 — an increase of 400,000 bpd on the […]

Iran Starts Test Prodn from Joint Oilfield with Iraq

Iran has started production at a rate of 85,000 barrels of oil a day from the Yadavaran Field, to test its output sustainability, said administrator of the field’s development project. The field is jointly held by neighbouring Iraq. “The field will be inaugurated in near future as production of 85,000 barrels a day has been […]

Iran Won’t Cap Oil Production

By John Lee. Iran has reportedly snubbed a proposal to cap crude oil output. According to Associated Press, Mahdi Asali, Iran’s OPEC envoy, said Iran will continue to increase its crude oil exports until it reaches pre-sanction levels. The comments came following a four-way, closed-door, meeting between Iranian Minister of Petroleum Bijan Zangeneh and his counterparts […]

Iran may award North Azadegan to China

Iran may award phase two of the North Azadegan oilfield to China for development, Minister of Petroleum Bijan Zangeneh says. The China National Petroleum Corporation (CNPC) and Iran’s PEDEC have already signed an initial agreement to produce 25,000 barrels a day (bpd) from the field in the second phase, Iranian officials have said. “Under the […]

Khesht Oilfield Operational by March 2016

Crude oil from Khesht oilfield will come online by the end of the current Iranian calendar year (March 21), the operator to the field’s development projects said. Managing director of South Zagros Oil and Gas Production Company (SZOGPC) said they will start production of 20,000 bpd of crude oil recovered from the field by the […]

Salman Oil Output Up by 3.5k bpd

Iran raised crude oil recovery from Salman oil field in Persian Gulf waters by 3,500 b/d, operator of the field said. Ebrahim Paksima, an official in charge of the oil field at Iran Offshore Oil Company (IOOC), told Shana that the boost has been possible by completion of gas injection to the field which took […]

Iran Oil Output Hike to Exceed Projections

Iranian Petroleum Minister Bijan Zangeneh said on Wednesday that Iran can and will boost its crude oil output more than the 500,000 barrels a day it previously pledged after the sanctions removal. “Once the sanctions have been lifted, Iran’s crude oil output will be more than what has been pledged,” said Zangeneh reacting to skeptic oil […]

Iran Targets Oil Exports, Regardless of Price

By John Lee. The Minister for Petroleum, Bijan Namdar Zanganeh (pictured), has reportedly said that Iran will raise its crude output by 500,000 barrels per day just few days after sanctions are lifted, regardless of the effect on the international prices. Iranian news agency IRNA quotes him as telling a press conference: “We are not […]

Iran, Iraq Discuss Azadegan Oilfield

By John Lee. Iraq’s Ambassador to Iran, Rajeh Saber Aboud al-Moussavi, has said that Tehran and Baghdad are in talks on investment in the joint Azadegan oilfield. The field, situated 80-100 kilometres west of Ahvaz in Khuzestan province, was discovered in 1999, and has reserves estimated at 33 billion barrels. It is already producing 50,000 […]