Shana

Minister: $19b annual investment needed in gas sector

SHANA (Tehran) – The minister of oil announced that an average annual investment of $19 billion is required over the next four years to achieve a daily production of 1.34 billion cubic meters of gas.

South Pars gas compression plan contracts signed in president's presence

SHANA (Tehran) – Contracts for the pressure boost plan of the South Pars gas field, valued at approximately $17 billion, was signed on Saturday, March 8, in the presence of the President Masoud Pezeshkian and senior oil industry officials.

President vows gratitude for help in addressing imbalances

SHANA (Tehran) – President Masoud Pezeshkian emphasized the need for scientific and expert-driven solutions to address imbalances in critical sectors such as water, electricity, gas, fuel, energy, and financial resources.

Bank account-based fuel purchasing to begin in coming months: NIORDC

SHANA (Tehran) – The CEO of the National Iranian Oil Refining and Distribution Company (NIORDC) announced that a new fuel purchasing system linked to vehicle owners' bank accounts is expected to be implemented in the coming months.

NPC head highlights leveraging strategic successes to advance petchem industry

SHANA (Tehran) – The CEO of the National Petrochemical Company (NPC) emphasized the importance of the Petrochemical Industry Excellence Award, stating that the successful presence of petrochemical companies in various fields has driven industry players toward excellence and progress.

Turkmenistan begins gas exports to Turkey via Iran

SHANA (Tehran) - Iran’s Oil Minister announced the start of natural gas flow from Turkmenistan to Turkey through Iran, stating that the agreement has been finalized and gas is now being transported.

Iran, Iraq stress expanding energy cooperation

SHANA (Tehran) — Iran’s Oil Minister and Iraq’s Electricity Minister emphasized the need to expand cooperation in oil, gas, petrochemicals, and electricity between the two countries during a meeting Wednesday.  

Upstream energy investment transformation event to be held in Tehran

SHANA (Tehran) – The Strategic Transformation in Iran’s Upstream Oil and Gas Sector event, aimed at unlocking investment and financing in National Iranian Oil Company (NIOC) projects, will take place on April 15, in Tehran.

6% increase registered in natural gas consumption in residential sector

SHANA (Tehran) – The spokesperson for the National Iranian Gas Company (NIGC) reported a 6% increase in natural gas consumption by the residential, commercial, and small industrial sectors on Tuesday (March 4) compared to the same day last year.

MP: Transferring gasoline quotas to bank accounts promotes transparency

SHANA (Tehran) – The head of the Parliament Energy Committee stated that transferring gasoline quotas to bank accounts would enhance transparency and expressed that this move would lead to public satisfaction and clarity in gasoline rationing.

867 mcm of gas delivered to national grid in one day

SHANA (Tehran) – The spokesperson for the National Iranian Gas Company (NIGC) announced that 867 million cubic meters (mcm) of natural gas were delivered to the national grid on Monday.

Localization of reactor prevents millions of dollar outflow

SHANA (Tehran) – The first domestically produced methanol synthesis reactor, which has been localized to prevent tens of millions of dollars outflow, was installed at the second phase of the Sabalan Petrochemical Complex.

Gov’t launches 14 major projects to address imbalances

SHANA (Tehran) – The government spokesperson announced that the administration is implementing 14 major projects, or megaprojects, aimed at reducing imbalances, with some focusing on production and others on demand.

Agreement inked to transfer gasoline quotas to bank accounts

SHANA (Tehran) – The National Iranian Oil Refining and Distribution Company (NIORDC) and the Tehran Municipality signed an agreement to pilot the transfer of gasoline quotas from fuel cards to vehicle owners' bank accounts.

Parliament speaker orders comprehensive report on energy imbalance

SHANA (Tehran) – The Speaker of the Parliament tasked the Energy Committee with preparing a detailed report on the energy imbalance to be presented during an open session of the Parliament.

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.

Five provinces account for 45% of Iran’s gas consumption

SHANA (Tehran) – The head of Iran’s National Gas Dispatching Center announced that on February 26, gas consumption in the residential and commercial sectors reached 703 million cubic meters (mcm), stating that the provinces of Tehran, East Azarbaijan, Razavi Khorasan, Isfahan, and Mazandaran had the highest gas consumption, accounting for 45% of the country’s total gas usage.

Minister: Energy imbalance problem decades in the making

SHANA (Tehran) – Oil Minister Mohsen Paknejad stated on Tuesday that the current imbalance in energy carriers is not the result of decisions made over the past three months, three years, or even six years.

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.

NPC:

Over $9b from petchem exports returned to national economy

SHANA (Tehran) – The CEO of the National Petrochemical Company (NPC) announced that the total exports of the petrochemical industry over the past 11 months amounted to approximately $12 billion, of which $9.14 billion reinjected into the country’s economic cycle.

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.

Over 6 bcm of natural gas delivered to national grid in seven days

SHANA (Tehran) – During the week to February 28, 6.048 billion cubic meters (bcm) of natural gas were produced and delivered to the national grid.

President highlights efforts to address imbalances

SHANA (Tehran) – The president stated that upon taking office, the administration faced significant imbalances in various sectors, including water, electricity, and gas. He emphasized that blaming one another will not solve the problem.

New downstream petchem projects to be introduced

SHANA (Tehran) – The CEO of the National Petrochemical Company (NPC) announced that several new projects aimed at developing downstream petrochemical industries will soon be introduced across the country. These projects will take into account regional planning, existing infrastructure, and the availability of feedstock and water resources for investment.

Over 660m liters of power plant fuel delivered in one week

SHANA (Tehran) – Recent statistics show that during the past week (Feb. 22-28), amid an unprecedented drop in temperatures across the country, a record-breaking 660.236 million liters of liquid fuel for power plants were delivered. This marks an increase of approximately 44% compared to the same period last year.

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.

Monitoring system unveiled to boost production at five oil fields

SHANA (Tehran) – A new monitoring system aimed at advancing development projects and increasing production at the Aban, Paydar Gharb, Cheshmeh Khosh, Dalpari, and Paydar Sharq oil fields was unveiled Wednesday.

President urges modification of consumption patterns for gas, gasoline, diesel, electricity

SHANA (Tehran) – President Masoud Pezeshkian raised the question of whether the country’s consumption patterns for gas, gasoline, diesel, electricity, and other resources are appropriate.

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).