Iran

  • Iran Hard Currency Reserves Reliable: President

    Iran Hard Currency Reserves Reliable: President

    TEHRAN (Shana) -- The President said: “I assure the people and economic activists that we have good and reliable hard currency reserves and the money from the sale of oil returns to the country.”

  • South Pars Phase-14 Refinery Online During Fajr Decade

    South Pars Phase-14 Refinery Online During Fajr Decade

    TEHRAN (Shana) – Iranian Minister of Petroleum Javad Owji said South Pars Phase-14 refinery will be put into operation in the Fajr decade and will process 56 to 60 million cubic meters of gas daily.

  • Mothballed Oil Wells Rehabilitation

    Mothballed Oil Wells Rehabilitation

    TEHRAN (Shana) -- National Iranien Oil Company (NIOC) has long focused on developing technologies to enhance recovery from oil wells. Although sanctions have posed an obstacle in its way, it aims to cut short the way to its objective by embarking on a quick-yielding project for the rehabilitation of low-output and abandoned wells. In this manner, by spending much less than drilling new wells, NIOC would be able to enhance its crude oil output. Without enhancing oil output, no future may be envisaged for enhanced oil recovery (EOR) projects. Therefore, the important thing would be to enhance production in any possible manner. Internationally speaking, more oil production would empower Iran to become more influential in the oil market while remaining resilient to challenges and restrictions because in the economic and political structure of the world energy, oil barrels have the final say.

  • Iran Hydrocarbon Reserves Estimated at 16 BBL

    Iran Hydrocarbon Reserves Estimated at 16 BBL

    TEHRAN (Shana) -- The director of exploration at National Iranian Oil Company (NIOC), Mehdi Fakour, has said that Iran was estimated to sit atop 16 billion barrels of hydrocarbon reserves.

  • 18 Processing Units at Abadan Refinery

    18 Processing Units at Abadan Refinery

    TEHRAN (Shana) -- Being the first oil refinery in the Middle East set up more than 110 years ago, Abadan oil refinery is considered one of Iran’s refining hubs, but due to the dilapidation of some of its units, its renovation and updating using modern technology is inevitable. For this purpose, replacement and renovation of the refinery was carried out in two stages, the first stage with the construction of a new refining complex of 150,000 b/d as phase 1 in 2005 and the second stage with the construction of a new refining complex with a capacity of 210,000 b/d under the title of Abadan Refinery Capacity Development and Stabilization Plan as Phase 2 started in July 2017 and the first part of it was put into operation in December. Therefore, the final capacity of the refinery was stabilized at 360,000 b/d.

  • Investment in Crude Oil Storage Capacity

    Investment in Crude Oil Storage Capacity

    TEHRAN (Shana) -- A meeting was held to introduce opportunities for investment in crude oil storage tanks construction and operation, required by National Iranian Oil Company (NIOC), within the framework of public-private partnership (PPP). This is the first time the private sector is given the chance for investment in the crude oil storage sector. NIOC intends to enhance its crude oil storage capacity by 7.7 million barrels.

  • SP14 Refinery Close to Operation

    SP14 Refinery Close to Operation

    TEHRAN (Shana) -- The refinery of Phase 14 of the giant offshore South Pars gas field is almost coming online. With the completion of this megaproject, which has been operated only by Iranians, all South Pars refineries would have become operational. The offshore section of this project came on-stream in 2019 with a current output of 56 mcm/d of rich gas. Over the past one year, three trains of gas sweetening have become operational at this refinery, which sets a record. The onshore section of this project has been invested $5.2 billion in.

  • Will 2023 See Oil Market Prosper?

    Will 2023 See Oil Market Prosper?

    TEHRAN (Shana) -- With the beginning of 2023, the developments of the oil market in 2022 and the perspective of the New Year have been reviewed. The idea is to examine the factors affecting the market. It must be acknowledged that 2022 experienced ups and downs in the oil market and profound changes have taken place in this market. These developments have caused the 2023 Outlook to have many uncertainties, and as a result, many reputable institutions have doubts in their forecasts, and most institutions are waiting for market stability.

  • GECF to Supply 74% of Global Gas by 2050

    GECF to Supply 74% of Global Gas by 2050

    TEHRAN (Shana) -- The Gas Exporting Countries Forum (GECF) expects 74% of the world's natural gas production by 2050 to be provided by new projects that will start in the future.

  • Iran can cooperate with Algeria in Oil, Gas Studies: Speaker

    Iran can cooperate with Algeria in Oil, Gas Studies: Speaker

    TEHRAN (Shana) -- The Speaker of the Iranian Parliament said: “Iran and Algeria have the possibility to cooperate in the field of knowledge-based issues and infrastructure and energy studies, especially oil and gas.”

  • Bidboland Refinery Processes Nearly 4 bcm in 9 Months

    Bidboland Refinery Processes Nearly 4 bcm in 9 Months

    TEHRAN (Shana) -- The CEO of Bidboland Gas Refining Company announced that from the beginning of the current Iranian calendar year which began on March 21, processed more than 3.9 billion cubic meters of gas.

  • South Pars Condensate Output at 700kb/d

    South Pars Condensate Output at 700kb/d

    TEHRAN (Shana) -- The head of production coordination and supervision of South Pars Gas Complex (SPGC) said SPGC is currently producing over 700,000 barrels of gas condensate and exports 480,000 tons/year of sulfur to east Asia.

  • Iran Annual Gas Consumption beyond 228 bcm

    Iran Annual Gas Consumption beyond 228 bcm

    TEHRAN (Shana) -- The director of coordination of gas supply of National Iranian Gas Company (NIGC) said Iran’s annual gas consumption is over 228 billion cubic meters of which 70% is consumed in the industrial sector.

  • Gachsaran Petchem Project Online Soon

    Gachsaran Petchem Project Online Soon

    TEHRAN (Shana) – An official with the Persian Gulf Petrochemical Industries Company (PGPIC) said Gachsaran Petrochemical Project was about to be launched in the near future.

  • 98% Growth in Bou Alisina Petchem Revenue

    98% Growth in Bou Alisina Petchem Revenue

    TEHRAN (Shana) -- The financial director of Bou Alisina Petrochemical Plant, presenting the company's performance report, announced new production, sales and profitability records in the 9 months of the current Iranian calendar year which began on March 21.

  • NIOC Eyes 0.9mbd Output Growth in 8 Years

    NIOC Eyes 0.9mbd Output Growth in 8 Years

    TEHRAN (Shana) -- The CEO of the National Iranian Oil Company (NIOC) said plans are under way to bring Iran’s crude oil production capacity to 5.7 million barrels per day in a matter of 8 years.

  • Reviving Low-yield Oil Wells Revives Capital in Iran: MP

    Reviving Low-yield Oil Wells Revives Capital in Iran: MP

    TEHRAN (Shana) -- Tehran's representative in the Iranian parliament underlined the need for youth participation in different parts of the country, emphasizing the need to link the oil industry with scientific societies.

  • SPGC Gas Production Fully Sustainable

    SPGC Gas Production Fully Sustainable

    TEHRAN (Shana) -- The CEO of South Pars Gas Complex said by taking effective and extensive measures and in order to maintain the stability of gas production, the power plant, substations and power lines of the complex are fully prepared for maintaining sustainable production.

  • PGPIC, Top Iran Firm

    PGPIC, Top Iran Firm

    TEHRAN (Shana) – Persian Gulf Petrochemical Industries Company (PGPIC) ranked first among the 500 top enterprises of the country by winning the first rank in the three indices of "sales value", "exports" and "highest market value".

  • Pardis Petchem Co. Top Export-Oriented Firm in Iran

    Pardis Petchem Co. Top Export-Oriented Firm in Iran

    TEHRAN (Shana) -- Due to its brilliant performance in the field of product export, Pardis Petrochemical Company won the title of the country's top export-oriented company in the calendar year of 1401 which began on March 21.

  • Digital Technologies Needed in Development of Petchem Projects

    Digital Technologies Needed in Development of Petchem Projects

    TEHRAN (Shana) -- The CEO of the National Petrochemical Company (NPC) said Iran's petrochemical industry should pay attention and emphasize the use of digital technologies in the path of sustainable and balanced development.

  • Foreign Firms Keen to Invest in Downstream Petchem

    Foreign Firms Keen to Invest in Downstream Petchem

    TEHRAN (Shana) -- The CEO of Persian Gulf Petrochemical Development and Investment Group (PGPDIG) says the holding has currently more than $650 million worth of projects under way. He told “Iran Petroleum” some of Iran’s neighbors had called for joint venture with PGPDIC, expressing hope for the finalization of an agreement in the current calendar year.

  • Mideast Oldest Refinery to Rejuvenate

    Mideast Oldest Refinery to Rejuvenate

    TEHRAN (Shana) -- With the commissioning of the Abadan oil refinery development plan, for the first time in the Middle East, the largest crude oil vacuum and atmospheric distillationun its, hydrocracker and the tallest integrated crude oil furnace will be launched in this facility. This megaproject has been implemented in partnership with the Chinese. It is expected to be put into operation by March 2023.

  • Iran Oil Refining Capacity to Hit 3mb/d

    Iran Oil Refining Capacity to Hit 3mb/d

    TEHRAN (Shana) -- Under the 7th National Economic Development Plan, Iran is required to reduce crude oil and natural gas sales by developing the value chain and bring its oil refining capacity to 3 mb/d. Meantime, Petroleum Ministry is following up on the completion of incomplete refining projects in light of the imbalance in petroleum products consumption in the country.

  • Value-Creating Projects in Iran’s Oil Industry

    Value-Creating Projects in Iran’s Oil Industry

    TEHRAN (Shana) -- Over recent years, Iran's oil industry has enjoyed significant acceleration and progress in the exploitation of projects. By briefly reviewing the development process of the remaining phases of the massive South Pars gas field, other joint fields and implementation of various contracts in oil and gas fields, it could be construed that the development of Iran's oil industry has never stopped notwithstanding the sanctions, and has retained its role as the driver for growth, prosperity and wealth creation in the country’s economy. The present article aims at reviewing the development of some of the most important projects in Iran's oil industry since the 13th administration took office until the end of Iranian calendar year 1400 (March 20, 2022).

  • Enhanced Recovery from 600 Wells Planned

    Enhanced Recovery from 600 Wells Planned

    TEHRAN (Shana) -- CEO of National Iranian Oil Company (NIOC) Mohsen Khojasteh-Mehr recently told a conference on oil and gas wells enhance recovery that $2.5 billion had been invested in the refinery of phase 14 of the giant offshore South Pars gas field. He said the 3rd train of SP14 refinery had become operational, adding: “The gas from the 3rd train of this refinery has been fed into the national gas distribution network. The next train is expected to become operational soon.”

  • 35 Pacts with Academic, Scientific Centers

    35 Pacts with Academic, Scientific Centers

    TEHRAN (Shana) -- Realization of objectives set for a jump in knowledge-based production, revising instructions, bylaws as well as research project procedures for facilitation are among top priorities of the Office of Deputy Minister of Petroleum for Engineering, Research and Technology. This Office has adopted a comprehensive plan to follow up on 50 major subjects.

  • 9-Month Output of Ilam Gas Refinery up 9%

    9-Month Output of Ilam Gas Refinery up 9%

    TEHRAN (Shana) -- The CEO of Ilam Gas Refining Company announced a 9% increase in output and a 16% rise in sales of the company's items in the first nine months of the current Iranian calendar year which began on March 21.

  • Fajr Jam Refinery Processes 15 bcm Gas in 9 Months

    Fajr Jam Refinery Processes 15 bcm Gas in 9 Months

    TEHRAN (Shana) -- The CEO of Fajr Jam Gas Refining Company, referring to the cold season of the year and the stability of production in this company, stated: “In the first 9 months of this [calendar] year, about 15 billion cubic meters of gas have been processed in this company.”

  • Iran Boosts Gas Output by 6.5 mcm/d

    Iran Boosts Gas Output by 6.5 mcm/d

    TEHRAN (Shana) -- The CEO of Gachsaran Oil and Gas Production Company stated in recent days, with the initiatives that were taken, “we managed to add 6.5 million cubic meters per day to the country's gas output.”