oil

  • 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.”

  • 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.

  • 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.

  • 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.

  • 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.”

  • 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.

  • 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.

  • 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.”

  • Iran Plans Lifting Offshore Oil Output

    Iran Plans Lifting Offshore Oil Output

    TEHRAN (Shana) -- Iran’s comprehensive plan to increase oil output is followed up on in line with the objectives already envisaged for economic prosperity. Therefore, Petroleum Ministry has instructed National Iranian Oil Company (NIOC) with a plan to use its oil fields to increase oil output. Using offshore and onshore oil fields is among plans to that end with joint fields being prioritized. Here we review the Iranian Offshore Oil Company (IOOC)’s oil output hike. IOOC is tasked with operating oil and gas fields off the Persian Gulf.

  • Exploration Talks with 3 Countries

    Exploration Talks with 3 Countries

    TEHRAN (Shana) -- The head of exploration at National Iranian Oil Company (NIOC) has said talks have been held with three countries for implementation of oil and gas exploration projects. 

  • Iran Ready for Energy Cooperation with Lebanon

    Iran Ready for Energy Cooperation with Lebanon

    TEHRAN (Shana) – Stating that Tehran will remain Beirut's friend during difficult times, the Iranian Minister of Foreign Affairs said Iran is ready to cooperate with Lebanon in economic, commercial and energy fields.

  • PUT Ranks First in Iran, ME, 7th in World

    PUT Ranks First in Iran, ME, 7th in World

    TEHRAN (Shana) -- According to the Scimago Ranking System, the Petroleum University of Technology (PUT) was ranked first in Iran, first in the Middle East, and seventh in the world in the field of geology.

  • Petchem exports Rise in Assaluyeh

    Petchem exports Rise in Assaluyeh

    TEHRAN (Shana) -- The CEO of Pars Special Economic Energy Zone Organization (PSEEZ) announced a 50% increase in the export of this region compared to the previous year.

  • Iran-made Gas Lift Equipment Unveiled

    Iran-made Gas Lift Equipment Unveiled

    TEHRAN (Shana) -- Iranian-made gas lift equipment has been unveiled with the support of the National Iranian South Oil Company (NISOC).

  • National Conference on Diplomacy, Cross-border Environmental Challenges to be held

    National Conference on Diplomacy, Cross-border Environmental Challenges to be held

    TEHRAN (Shana) -- The Center for Political and International Studies of the Ministry of Foreign Affairs, in cooperation with a number of executive and specialized agencies, including the Ministry of Petroleum, is organizing the first national conference on diplomacy and cross-border environmental challenges.

  • Iran Oil Sales, Steady, Growing: Spokesman

    Iran Oil Sales, Steady, Growing: Spokesman

    TEHRAN (Shana) -- The government spokesperson announced the continuous increase in the export of crude oil and gas condensate, and said: "Last month, we saw record exports since the beginning of the new round of sanctions, i.e. since 2018.”

  • $200 b Earmarked for Iran Major Projects

    First Vice President:

    $200 b Earmarked for Iran Major Projects

    TEHRAN (Shana) -- The first vice president said 200 billion dollars have been earmarked for the country's major projects in various sectors, including oil, industry, water, and electricity.

  • Iran 8-Month Petchem Output at 47 mt

    Iran 8-Month Petchem Output at 47 mt

    TEHRAN (Shana) – Iran’s petrochemical output reached 47 million tons in the first 8 months of the current Iranian calendar year which began on March 21.

  • ICOFC Testing Waters for Enhanced Crude Output

    ICOFC Testing Waters for Enhanced Crude Output

    TEHRAN (Shana) -- The project to maintain and enhance the oil output rate in the Iranian Central Oil Fields Company (ICOFC) in the Danan, Saadat Abad and NaftShahr oil fields is in the final stages of implementation.

  • PUT, BSTU to sign MoU

    PUT, BSTU to sign MoU

    TEHRAN (Shana) – Iran’s Petroleum University of Technology (PUT) and the Belarusian State Technological University (BSTU) will sign a memorandum of understanding for cooperation through video conference in the presence of the chancellors of the two universities.

  • IOTC at Forefront of Economic War: Official

    IOTC at Forefront of Economic War: Official

    TEHRAN (Shana) -- The Director of International Affairs of the National Iranian Oil Company (NIOC) stated: The Iranian Oil Terminals Company (IOTC) has been fully serving the country, and now that we are facing the most severe sanctions in history, it is at the forefront of the economic war.”

  • 117 mcf APG Collected in Nargsi, Gachsaran Fields

    117 mcf APG Collected in Nargsi, Gachsaran Fields

    TEHRAN (Shana) – The CEO of the National Iranian South Oil Company (NISOC) said about 329 million cubic feet (mcf) of associated petroleum gas (APG) is being flared in the fields operated by his company, adding the gas collection project of the Nargesi field with a daily capacity of 17 mcf and the Gachsaran 1 and 3 projects with a daily capacity of 100 mcf have come online.

  • Azar Oilfield ready to be Operated by Client

    Azar Oilfield ready to be Operated by Client

    TEHRAN (Shana) -- The CEO of the Iranian Central Oil Fields Company (ICOFC) said Azar Oil Field is ready to be delivered to West Oil and Gas Production Company for operation.

  • 45% Rise in Horizontal, Directional Drilling Efficiency of Oil, Gas Wells since March

    45% Rise in Horizontal, Directional Drilling Efficiency of Oil, Gas Wells since March

    TEHRAN (Shana) -- The efficiency of horizontal and directional drilling operations of the National Iranian Drilling Company (NIDC) grew by at least 45% in the first 8 months of the current Iranian calendar year which began on March 21 compared to the same period last year.

  • Good Things Happen in Iran Refineries: Min.

    Good Things Happen in Iran Refineries: Min.

    TEHRAN (Shana) – Iranian Minister of Petroleum Javad Owji said the 13th administration has initiated sizable movements in the country's refining industry including quality improvement in Abadan Refinery and all the refineries across the country.

  • Pasargad Qeshm Refinery Supplies New Bitumen Grade

    Pasargad Qeshm Refinery Supplies New Bitumen Grade

    TEHRAN (Shana) -- Pars Behin Qeshm Oil Refinery has processed AH70 bitumen which is considered a new grade suitable for global markets for the first time in the country.

  • KBCs to Help Delay Natural Drop in Iran Oil Output

    KBCs to Help Delay Natural Drop in Iran Oil Output

    TEHRAN (Shana) -- The National Iranian South Oil Company (NISOC) is planning to ramp up its cooperation with domestic knowledge-based firms in order to delay the natural drop in oil output of Iran’s fields.