Shana

NIDC urged to strengthen its regional position

SHANA (Tehran) - The CEO of the National Iranian Oil Company emphasized the pivotal role of the National Iranian Drilling Company (NIDC) in the country’s oil industry, stating that the company must solidify its position in regional markets by modernizing equipment, adopting advanced technologies, and streamlining processes.

 In latest round of measures against Iran’s oil industry

US Treasury sanctions Iranian oil minister

SHANA (Tehran) - The US Treasury Department has imposed sanctions on Iran’s oil minister as part of its ongoing maximum pressure campaign against the Islamic Republic. 

Iran anticipates positive news in oil production next year

SHANA (Tehran) - The CEO of the National Iranian Oil Company (NIOC) announced that necessary planning has been completed to meet oil production requirements for the upcoming year, stating, "Next year, we will have good news in the field of oil production."

Iran's economic growth up

SHANA (Tehran) - The latest calculations by the Parliament Research Center show that the country's economic growth in Dey (Dec. 21, 2024-Jan. 19, 2025) increased by 1.8% compared to the same month last year, while non-oil economic growth stood at 1.3%. 

Iran dismisses reports of halting Iranian oil vessels

SHANA (Tehran) – The spokesperson for Iran's Foreign Ministry dismissed claims made by Reuters regarding the halting of Iranian oil tankers, labeling them as fabricated, false, or biased reporting.

Oil industry requires massive investment

SHANA (Tehran) - A faculty member at Allameh Tabataba'i University stated that the oil industry requires substantial investment, emphasizing that existing perspectives on concession agreements need revision.

Bovard appointed to board of trustees at Institute for International Energy Studies

SHANA (Tehran) – Hamid Bovard, managing director of the National Iranian Oil Company, has been appointed as a member of the board of trustees at the Institute for International Energy Studies.

KOGPC reaches daily production of 1m barrels

SHANA (Tehran) – The CEO of Karoon Oil & Gas Production Company (KOGPC) announced an 11% increase in the company's oil production in the year 1403 (2024-2025) compared to the previous year, stating that daily oil production at Karun has reached 1 million barrels.

OPEC+ countries to gradually restore oil production starting April

SHANA (Tehran) – The eight OPEC+ countries, which previously announced additional voluntary adjustments in April and November 2023, namely Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman met virtually on March 3, 2025, to review global market conditions and the future outlook.

Investment in Band Karkheh oil field development approved by Economic Council

SHANA (Tehran) – The Economic Council, during its meeting on Monday, reviewed and approved a request from the Ministry of Oil to amend a previous resolution regarding a gas supply project for power plants on Kish Island and to invest in the development and operation of the Band Karkheh oil field.

Iranian crude oil OSP for March announced by NIOC

SHANA (Tehran) – The National Iranian Oil Company (NIOC) has set the official selling prices (OSP) for Iranian crude oil in March. According to the company, Iran’s light crude oil will be priced $4.35 above the benchmark price (Oman/Dubai crude) for Asian customers.

Siri Island: Iran’s oil hub in Persian Gulf

SHANA (Tehran) – Siri Island, also known as Raz Island, is Iran’s southernmost island and the last piece of Iranian territory in the heart of the Persian Gulf. It is the country’s most oil-rich island, where oil is extracted and exported from five fields: Nosrat, Esfand, Sivand, Dena, and Alvand.

Specialized workforce strengthening crucial in exploration sector

SHANA (Tehran) – The director of oil and gas production supervision at the National Iranian Oil Company (NIOC) emphasized the importance of maintaining and strengthening a specialized workforce in the exploration sector, describing it as the first link in the oil industry’s value chain.

SCI: Iran’s GDP grows 3.1% in nine months, fueled by oil sector

TEHRAN, Iran – According to the latest quarterly national accounts released by the Statistical Center of Iran, the country’s gross domestic product (GDP) at constant 1400 prices grew by 3.1% year-over-year in the first nine months of the Iranian calendar year 1403 (March 20–December 20, 2024), including oil. Excluding oil, GDP grew by 2.2% during the same period.

New ruling issued in Crescent Petroleum case in favor of NIOC

SHANA (Tehran) – The Arbitration Tribunal dismissed Crescent Petroleum’s claim that the National Iranian Oil Company (NIOC) is liable to the UAE company for damages caused to third parties (companies contracted with Crescent Petroleum).

Shazand Oil Refinery maintains production levels

SHANA (Tehran) – The CEO of Shazand Oil Refinery stated that operational activities at the refinery’s units are continuing as normal, with no disruption to the production process or output of strategic products, including gasoline and other essential derivatives needed by the country.

Successful execution of second nanofluid injection pilot at Belal field

SHANA (Tehran) – The second pilot injection of nanofluid, produced by the Research Institute of Petroleum Industry (RIPI), was successfully conducted at well BL-1P in the Belal oil field with the support of the Iranian Offshore Oil Company (IOOC).

IOTC ready to export any volume of delivered oil, CEO says

SHANA (Tehran) – The CEO of the Iran Oil Terminals Company (IOTC), during a visit to the Kharg oil terminal, emphasized the company’s critical role in the oil value chain, stating that the IOTC, relying on domestic capabilities and strategic infrastructure, is prepared to export any volume of oil delivered to it.

Empowering human resources, foundation of oil industry development

SHANA (Tehran) – The CEO of the National Iranian Oil Company (NIOC), while appreciating the efforts of the industry's employees in addressing the country's gas imbalance, emphasized the importance of agility and enhancing the knowledge level of human resources in subsidiary companies.

Smartization, digitalization of Darkhovein oil field discussed at Petrotech Conference

SHANA (Tehran) – A meeting to discuss the smartization and digitalization of the Darkhovein oil field was held on the sidelines of the Third Petrotech Conference.

New round of US sanctions targets Iran’s oil industry

SHANA (Tehran) – The US Departments of the Treasury and State have jointly imposed sanctions on several individuals and companies associated with Iran's oil industry, as part of Washington's ongoing maximum pressure campaign against Tehran.

Azar Oil Field development progresses despite sanctions

SHANA (Tehran) – The director of the Azar Oil Field development project described the field as one of Iran's most complex oil fields, stating that its development began in the 2000s under various contracts.

IOOC inks two research agreements with Iranian NTBFs

SHANA (Tehran) – On the second day of the third PetroTech Conference, two first-time production research agreements were signed between Iranian Offshore Oil Company (IOOC) and Iranian new technology-based firms (NTBFs).

Deputy minister urges showcasing technological achievements in oil industry

SHANA (Tehran) – The Deputy Minister of Oil for Engineering, Research, and Technology stated that technological achievements in the oil industry should be showcased through success stories and practical experiences to make the path of development clearer and smoother.

Oil Research and Technology Fund to help overcome oil industry development barriers

SHANA (Tehran) – The deputy CEO of the Oil Research and Technology Fund emphasized that research funds must adopt a specialized approach and collaborate with other financial institutions to help remove barriers to the development of the oil and energy industry.

NIDC inks three research contracts

SHANA (Tehran) – The National Iranian Drilling Company (NIDC) signed three research agreements with new technology-based firms (NTBFs) on the sidelines of the second day of the Third Petrotech Conference on Monday. The contracts aim to address technological needs in the drilling sector.

NIOC’s technological needs under expert scrutiny

SHANA (Tehran) – The technological needs of the National Iranian Oil Company (NIOC) were evaluated and discussed during a specialized meeting at the Third Petrotech Conference, attended by senior research and technology managers of the company.

Support for NTBFs should adopt non-governmental approach

SHANA (Tehran) – The deputy of development at the Innovation and Prosperity Fund emphasized the importance of a technology-based economy in the country’s development and the fund’s increased capital, stating that support for new technology-based firms (NTBFs) should adopt a non-governmental approach and utilize modern financing tools.

Oil Ministry leads in localization of strategic technologies

SHANA (Tehran) – The Deputy for Development of New Technology-Based Firms (NTBFs) at the Vice Presidency for Science, Technology, and Knowledge-Based Economy announced that the Ministry of Oil has taken a leading role in implementing the law to boost tech-based production.

Oil industry advances toward tech-based development

SHANA (Tehran) – The director-general of technology affairs at the Ministry of Oil stated that the country's oil industry has taken steps toward technology-based development with the goals of increasing productivity, accelerating projects, saving foreign currency, neutralizing sanctions, and achieving economic growth.