Shana

Reforming financial terms; prerequisite for meeting oil production goals

SHANA (Tehran) – A deputy oil minister warned that without a reform of its financial relationship with the government, the National Iranian Oil Company (NIOC) – the nation's largest economic enterprise – risks bankruptcy in the coming years.

OPEC Report: Iran’s Oil Price Drops $5 in October

SHANA (Tehran) – The Organization of the Petroleum Exporting Countries (OPEC) announced in its latest monthly report (November) that the average price of Iran’s heavy crude oil fell by $5.07 per barrel in October compared with September.

Paknejad:

Iran meets first-year oil targets under Seventh Development Plan

SHANA (Tehran) – Oil Minister Mohsen Paknejad announced that despite limited financial resources, all quantitative targets for the first year of Iran’s Seventh Development Plan have been fully achieved. He said experts estimate that meeting the plan’s overall objectives will require about $190 billion in funding.

Plan to transfer water to West Karoun Oil Fields approved

SHANA (Tehran) – The conceptual and basic design manager of the Karoun Basin Water Supply and Injection Project said the plan to supply and transfer water for injection into the West Karoun oil fields has been approved at the provincial level.

PetroCrowd launches crowdfunding drive for oil projects

SHANA (Tehran) – The first crowdfunding campaign in Iran’s oil industry, launched through the PetroCrowd platform, reached its funding goal in less than four days, drawing strong investor interest. Information on the second investment project has now been published on the platform’s website, and the investment period will begin soon.

Finance minister: No signal of decline in oil revenues

SHANA (Tehran) – The Minister of Economic Affairs and Finance said he has not received any signal of a decline in oil sales, and that these revenues are part of the country's budgetary income.

First well in Yadavaran Production Boost Plan comes online

SHANA (Tehran) – The director of the Yadavaran oil field development project announced that the first well under the 24-well Yadavaran Production Increase Plan has come on stream.

Installation of downhole pump completed at South Yaran Oil Field

SHANA (Tehran) – The installation of an electric submersible pump (ESP) in one of the wells at the South Yaran oil field development project has been successfully completed by the field’s engineers and technical staff.

$800m allocated to modernize drilling equipment

SHANA (Tehran) – The National Iranian Oil Company (NIOC) has allocated $800 million to overhaul and modernize the drilling rigs and operational equipment of the National Iranian Drilling Company (NIDC), the company’s managing director announced.

NIOC takes major step to boost oil recovery at Ahvaz field

SHANA (Tehran) – The CEO of the National Iranian Oil Company (NIOC) emphasized the importance of the Ahvaz oil field as the country’s largest, saying the new project marks a significant move toward increasing the recovery factor and advancing national oil industry policies aimed at implementing enhanced oil recovery (EOR) methods.

OPEC reports rise in Iran’s oil output in September

SHANA (Tehran) – The Organization of the Petroleum Exporting Countries (OPEC) reported that the group’s total oil production rose by 524,000 barrels per day (bpd) in September, reaching 28.44 million bpd. Iran’s output increased by 44,000 bpd to 3.25 million bpd during the same month, according to OPEC’s latest monthly report released in October.

Paknejad:

Oil production growth, export records achieved despite sanctions

SHANA (Tehran) – Iran’s oil minister announced a daily production increase of more than 120,000 barrels and said crude exports have reached record levels in recent months despite sanctions. He added that the possible reactivation of the “snapback” mechanism poses no new concern for oil sales.

Oil Minister announces discovery of major gas, oil reserves

SHANA (Tehran) — Iran’s oil minister announced the discovery of significant new gas and oil reserves in the Pazan field, located in the southern part of Fars Province, saying the find could help offset the country’s future energy imbalance.

NISOC stresses ongoing reservoir assessments to sustain output

SHANA (Tehran) – The managing director of the National Iranian South Oilfields Company (NISOC) emphasized the importance of ongoing evaluations of recoverable oil and gas reserves to enable more precise planning and help achieve the goals of Iran’s Seventh Development Plan.

Eight OPEC+ nations trim oil production as markets remain steady

SHANA (Tehran) – The eight OPEC+ countries, which previously announced additional voluntary adjustments in April and November 2023, namely Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman met virtually on October 5, 2025, to review global market conditions and outlook, according to opec.org.

Development activities continue at Changuleh Oil Field

SHANA (Tehran) – The head of the Changuleh Oil Field Development Project announced the completion of repair and completion operations at well CG-W01 and said the drilling rig has been moved to another well to accelerate development at the shared field.

NIOC head highlights offshore oil output in Persian Gulf

SHANA (Tehran) – The managing director of the National Iranian Oil Company said achieving production targets in the Persian Gulf’s offshore fields, despite sanctions and aging equipment, is a significant accomplishment.

Oil production hits record high with development projects

SHANA (Tehran) – Iran has broken its oil production record for the first time in seven years following new development measures in its oil fields, the oil minister said.

Mobile desalting unit lifts production limits at Cheshmeh-Khosh field

SHANA (Tehran) — The launch of a mobile desalting unit at the Cheshmeh-Khosh oil field has removed production restrictions and marked a major step in cooperation with the National Iranian Oil Company, according to the head of ZN Vostok.

NIOC focuses on boosting output, capturing associated gas

SHANA (Tehran) — The National Iranian Oil Company is centering its plans on boosting production and capturing associated gas despite external pressures and sanctions, the company’s chief said Wednesday.

Oil minister:

Snapback mechanism won’t create new restrictions on oil sales

SHANA (Tehran) – Iran’s oil minister said Wednesday that the snapback mechanism would not create new obstacles to crude oil sales, stressing that the government has plans in place should challenges arise.

Iran boosts oil production by 14,000 barrels a day

SHANA (Tehran) — Iran has increased output at the Cheshmeh-Khosh oil field by 14,000 barrels a day after launching a mobile desalting unit, raising total daily production to 114,000 barrels, the head of the Petroleum Engineering and Development Company (PEDEC) said Wednesday.

NIOC says oil sales continue through diverse methods

SHANA (Tehran) – Iran continues to sell and export oil through a range of methods in line with national policies, the managing director of the National Iranian Oil Company said, rejecting speculation about changes in the country’s sales strategy.

Iran, Russia set to deepen economic ties before 19th Joint Commission

SHANA (Tehran) — Iran’s oil minister said Wednesday that the country is pursuing the outcomes of the 18th Iran-Russia Joint Economic Cooperation Commission and preparing to host the 19th session in Iran.

Iran inks $600m contract to develop Madar gas field

SHANA (Tehran) – Iran’s National Iranian Oil Co. signed a $600-million contract to develop and operate the Madar gas field with Isfahan’s Mobarakeh Steel Co. and the Oil Industries Engineering and Construction Co. (OIEC), the company announced.

Madar gas field development to begin soon

SHANA (Tehran) – The development of Iran’s Madar gas field will soon enter its execution phase, a project the head of the National Iranian Oil Company (NIOC) stated would help address the country's gas shortfall. Similar contracts are expected to be signed this year.

Oil Ministry forms task force to boost production technologies

SHANA (Tehran) – The Oil Ministry has established a special task force aimed at improving oil and gas production methods and tools, as well as developing enhanced recovery technologies, a senior official announced.

OPEC’s daily oil output up by 478,000 barrels in August

SHANA (Tehran) – According to the Organization of the Petroleum Exporting Countries' latest monthly report, OPEC’s daily oil production increased by 478,000 barrels in August to reach 27.5 million barrels per day.

OPEC at 65: A veteran player faces new challenges

SHANA (Tehran) – The former head of OPEC's petroleum studies department said that while various issues have reduced the cartel's power over time, he believes it will maintain a prominent position for the next 30 years if it makes rational decisions regarding oil and understands its true place in the global energy mix.

Iran aims to diversify crude sales, boost production with new technology

SHANA (Tehran) - The CEO of the National Iranian Oil Co. (NIOC) on Tuesday emphasized the need to diversify oil sales methods and increase production using new technologies and new technology-based firms.