Shana

ICOFC Offers $13.5bn Investment Opportunities

SHANA (Tehran) – The director of investment and development at Iranian Central Oil Fields Company (ICOFC), Shirin Mohajer, has announced 25 investment packages worth $13.5 billion in oil and gas projects.

IPC Deals Rate of Return at 20%

SHANA (Tehran) – The National Iranian Oil Company (NIOC), in conjunction with implementing new economic policies to facilitate the awarding and execution of upstream oil and gas agreements, has recently unveiled 200 investment opportunities.

Iran Joint Oil & Gas Fields Decided

SHANA (Tehran) - Iran shares at least 28 oil and gas fields with neighboring countries. They include 18 oil fields, 4 gas fields, and 6 oil/gas fields. Rarely is there a country in the world with so many joint reservoirs. Iran shares 12 fields with Iraq, 7 with the United Arab Emirates, 2 with Qatar, 2 with Oman, 1 with Kuwait, and 1 with Turkmenistan.

Renewables Growing Share of World Energy Mix

SHANA (Tehran) - Renewable energies have seen their share of the global energy mix growing due to the exhaustible nature of fossil fuels and GHG emissions on the one hand, and their positive impact on climate changes, energy independence, economic opportunities, environmental advantages, and access to energy and equality on the other.

China to Let US Down over Iran Oil Ban

SHANA (Tehran) - US President Donald Trump has reiterated his determination to squeeze Iranian oil production to zero. But Iranian Minister of Petroleum Mohsen Paknejad has said the Americans would never see their dream come true.

Historic Chance for Iran to Enter European Energy Market

SHANA (Tehran) - Amid US President Donald Trump’s threats to squeeze Iranian oil exports down to zero while increasing tariffs for many countries, seasoned Iranian diplomat Ramin Mehmanparast says Iran is facing a historic opportunity to benefit from the ongoing tariff war between the United States and the European Union (EU). In an interview with” Iran Petroleum”, he stated that Iran can meet the EU’s commodity needs via the North-South corridor.

Nowruz, Heritage of Ancient Iranians

SHANA (Tehran) - Nowruz marks the first day of the solar calendar year, falling on March 20 or 21, depending on whether the preceding year was a leap year. It is one of the most ancient festivities of Iranians, who believed that Nowruz determined human destiny during the New Year. For Iranians, Nowruz has been synonymous with hope.

46 Years of Sanctions

Iran Oil Industry Review; 1979-Present

SHANA (Tehran) - The Iranian calendar year is coming to an end, while the Iranian petroleum industry has just marked its 46th year following the Islamic Revolution.

Europe, Potential Market for Iran Petchems

SHANA (Tehran) –Iran’s former deputy minister of petroleum for international affairs and trading, Ali Majedi, has said Iran could find good European buyers for its petroleum and petrochemical products.

Jacket Loaded for Belal Field Platform

SHANA (Tehran) – The jacket for the platform of the development of the Belal gas field was recently loaded on Jetty No. 3 of Iran Marine Industrial Company (SADRA) in Bushehr to be finally installed on the reservoir block of this project at the Iran-Qatar border in the Persian Gulf.

WRFM to Help Prevent Oil Output Fall-Off

SHANA (Tehran) – Artificial Intelligence (AI) is being widely used in the petroleum industry mainly due to the complicated nature and high costs of the industry, particularly in the processes of exploration, production, and operation.

$17b Investment in SP Compression Projects

SHANA (Tehran) – The South Pars gas field, jointly owned by Iran and Qatar, holds 8% of global gas reserves and about half of Iran’s gas deposits.

65 oil, gas fields discovered in 45 years

SHANA (Tehran) - Iran sits atop the world’s largest oil and gas reserves combined, amounting to 1,200 billion barrels of oil equivalent (boe).

Oil 2024, Quick Review

SHANA (Tehran) – The world oil market did not experience much volatility in 2024. North Sea Brent traded between $83 and $85 a barrel in the 1H2024, which was weakened to even $71 a barrel during the third and fourth quarters due to lower demand.

Iran’s oil sector nine-month growth surges 292%

SHANA (Tehran) – Iran’s oil sector achieved strong growth in the first nine months of the current Iranian calendar year (starting March 21, 2023), registering a 292 percent rise year-on-year.

Iran petchem output capacity set to hit 110 mt/y

Iran’s petrochemical industry is a key non-oil revenue generator. Despite oil sanctions, Iranian petrochemical manufacturers have managed to find new markets and have invested in the downstream sector to earn Iran hard currency revenue. Iran’s petrochemical industry production capacity stands at 92 million tonnes a year (mt/y). So far, $85 billion have been invested in this industry. The National Petrochemical Company (NPC) plans to invest another $15 billion within two years to bring the production capacity to 110 mt/y. Hassan Abbaszadeh, NPC’s director of planning and development, told Iran Petroleum the country's petrochemical production capacity would reach 200 mt/y by the end of the 8th National Economic Development Plan.

Quality upgrading at 9 refineries

Upgrading the quality of refined products has always been a key issue with treatment facilities. Currently, with about $8.72 billion investment, 13 quality upgrade projects are underway at 9 refineries, some of which will become operational by 20 March 2024. These projects are not limited to upgrading the quality of fuel produced at refineries; rather, they would include a variety of projects including reduction of heavy products’ output and launching a coke production unit at refineries. These projects have been highlighted in the 7th National Economic Development Plan.

CIS potential market for Iran catalysts

Iran’s petrochemical catalyst export has grown significantly over the past two years. Petrochemical Research and Technology Company (PRTC), currently accounting for 30% of Iran’s petroleum industry catalyst, has announced that the technical know-how for 97% of the catalyst is now homegrown. Majid Daftari, the CEO of PRTC, tells “Iran Petroleum” that Iran would be able to export 1,000 tonnes of catalysts a year, noting that CIS and South American nations would be among the major buyers.

Planning to capture 2 bcf of flare gas

The Iranian Ministry of Petroleum has extensive plans for associated petroleum gas (APG) gathering. Minister of Petroleum Javad Owji has said under the 13th administration, flare gas gathering had increased from 2.3 mcm/d to 11.5 mcm/d, which would reach 18 mcm/d by next March. The ministry’s plan for gathering 2 bcf of flare gas would be carried out under five long-term plans.

Drilling rigs repaired on Kish Island

Kish Island is a 91.5-square-kilometer island in Bandar Lengeh County, Hormozgan Province, off the southern coast of Iran in the Persian Gulf.  It is 87 km from Siri Island and 225 km from Qeshm Island. Iranian Offshore Oil Company (IOOC) is in charge of oil and gas operations on Kish Island. Shahsavar Arghash, head of the Kish division of IOOC, tells “Iran Petroleum” that IOOC is for the first time repairing a drilling rig. He expressed hope that Alvand Rig would be ready in two years to allow for an output hike from the Siri oil field. The following is the full text of the interview he gave to Iran Petroleum.

NISOC PGC up 250 tb/d

The studies conducted over the past two years at National Iranian South Oil Company (NISOC), new “planned guide capacity” (PGC) has been determined for the six reservoirs of Ahvaz Bangestan, Mansouri Bangestan, Ab Teimour, Golkhari, Balaroud, and Mansourabad Bangestan, promising a total of 250 tb/d. This amount is 7% of NISOC’s current PGC. A 250 tb/d increase in production from NISOC-run fields would bring the company’s potential output from the current 3.4 mb/d to 3.65 mb/d, which is a breakthrough for Iran’s petroleum industry. That would yield an approximate $7 billion in revenue.

NISOC output up 47% in 2 years

Iran has managed to increase its crude oil and gas condensate exports over the past 20 months by adopting active energy diplomacy despite international sanctions against its petroleum industry. National Iranian South Oil Company (NISOC), the largest oil producer in Iran, has recently brought its output to a record 2.45 mb/d. Gholamreza Nourani, the acting director of production at NISOC, tells “Iran Petroleum” the company increased its oil production by 47% in two years.

Karoun oil output set to rise

Sepehr and Jofeir oil fields, located in West Karoun, are among the independent Iranian fields in the cluster and are set to come online soon. They have been developed by Pasargad Energy Development Company (PEDC) based on an IPC deal. The 13th administration is developing both independent and shared fields as part of its plan to boost its power of haggling in global oil markets.

Aghar, Dey to lift gas output 7 mcm/d

South Zagros Oil and Gas Production Company (SZOGPC), affiliated with Iranian Central Oil Fields Company (ICOFC), is centered on enhancing production from the Aghar and Dey gas fields by 7 mcm/d.

Tehran refinery to integrate petrochemical plant

The Tehran oil refinery plans to build an integrated petrochemical plant in line with the global perspective of refined petroleum products. Due to its proximity to the Iranian capital, the facility is also planning to upgrade the quality of its products by establishing a continuous catalytic reforming (CCR) unit. CCR is a chemical process that converts petroleum refinery naphtha distilled from low-octane oil into high-octane liquid products called reformates, which are premium blending stocks for high-octane gasoline.

New contractual framework for low-yield wells

The average output of Iranian oil wells is 1.55 tb/d. Since the bulk of oil wells in Iran have already reached the second half of their lifecycle and would continue to see their production fall, the National Iranian Oil Company (NIOC) decided in 2021 to engage local technological companies to rehabilitate shut-in and low-yield wells. Amir Moqiseh, NIOC’s deputy director of investment and business, has said rehabilitation of each well would require $1 million, adding that a new model of contract, similar to the “Iran Petroleum Contract” (IPC), has been designed for low-yield and inactive wells.

NIOEC rivaling foreigners in Venezuela refinery renovation

National Iranian Oil Engineering and Construction Company (NIOEC) is tasked with operating infrastructure projects in the downstream oil sector including refining, storage, transport, and distribution of crude oil and petroleum products in Iran. With more than seven decades of work in infrastructure refining, NIOEC has developed special potential in handling such projects, rendering Iran independent of foreign companies.

New products at Iran petchem mix

Iran has faced tough US sanctions since 2018 when the Trump administration scuppered the 2015 nuclear agreement signed between Iran and six world powers. However, official data show Iran’s petrochemical industry could not be sanctioned. Ever since the 13th administration took office two years ago, Iran has focused on expanding its ties with neighboring countries and has doubled its petrochemical exports. Hossein Ali-Morad, director of international affairs at National Petrochemical Company (NPC), tells “Iran Petroleum” that Iran’s petrochemical exports rose from 20 million tonnes in 2020 to 70 million tonnes in 2022. He said Iran had diversified its international mix of petrochemicals.

Profile: Maroun Oil and Gas Production Company (MOGPC)

Hydrocarbon reservoirs administered by Maroun Oil and Gas Production Company (MOGPC) include the Asmari and Bangestan reservoirs of Maroun, the Asmari and Bangestan reservoirs of Kupal, the Bangestan reservoir of Shadegan and a Khami reservoir shared by Maroun, Kupal, and Shadegan fields. So far, 528 wells have been drilled in the six reservoirs while according to a production plan, MOGPC is proceeding with output hike measures up to the end of the current calendar year by carrying out development and workover activities. In light of the annulment of the mandatory output decline, MOGPC would be delivering about 75% of its oil production to domestic refineries with the rest destined for export. However, the decline in production levels is not ruled out due to overhaul programs.

MOGPC owns sophisticated-cum-attractive oil reservoir

Maroun Oil and Gas Production Company (MOGPC) is among the leading Iranian companies with the capacity to produce more than 620 tb/d of oil. Qobad Nasseri, CEO of MOGPC, tells “Iran Petroleum” the company would add 30 kb/d to its output capacity by next March. He also said that the Maroun reservoir was one of the most sophisticated and attractive reservoirs in the world, requiring cutting-edge technology and investment. Nasseri said foreign companies would be welcome to cooperate in developing the Khami, Amsari, and Bangestan layers of the Maroun field, promising a good rate of return on investment. The following is the text of Iran Petroleum’s interview with Nasseri.