Iran is an energy superpower and the Petroleum industry in Iran plays an important part in it. In 2004 Iran produced 5.1 percent of the world's total crude oil (3.9 million barrels (620,000 m 3 ) per day), which generated revenues of US$25 billion to US$30 billion and was the country's primary source of foreign currency. Petroleum has been the primary industry in Iran since the 1920s. Despite Tehran’s attempts to diversify the economy, the oil and gas industry is still the critical engine of economic growth. Oil revenues over the past few years have accounted for around 60 percent of government revenues. Iran is endowed with 155 billion barrels of oil equivalent to 10.9% of the global oil reserves. II. Iran owns 18% of the global natural gas reserves equal to 34 TCM of natural gas. III. Iran’s current exploration projects will lead to a considerable increase in the country’s oil and gas reserves. Iran’s combined oil and gas reserves are probably the highest in the world and are matched only by Russia and Saudi Arabia. Based on official statistics, Iran’s oil reserves are over 130 billion barrels, which allows the country to produce more than 5 million barrels of oil per day for over 50 years.

Iran 's proven oil and gas reserves are 137 billion barrels (2.18 × 10 10 m 3) (10% of world's total) and 41.14 trillion cubic meters (15% of world's total) respectively, which give it a unique status in the global energy supply. Iran also owns 50% of the offshore gas field of Rhum in the North Sea,

6 Feb 2017 “Iran is open to cooperate with US companies in its key petroleum industry, yet as long as the so-called primary US sanctions, which bar direct  24 Jan 2019 Iran requires around $100 billion in foreign investment for its oil, gas, and petrochemical sector. Most of Iran's oil wells are in the second half of  Iran - Nationalization of the Iranian oil industry : an outline of its origin and issues ()

IranOilGas Network is the leading independent Iranian oil, gas & petrochemical information network providing daily news, companies and projects, tenders, oil and gas fields, exclusive reports and maps.

Iran is an energy superpower and the Petroleum industry in Iran plays an important part in it. In 2004 Iran produced 5.1 percent of the world's total crude oil (3.9 million barrels (620,000 m 3 ) per day), which generated revenues of US$25 billion to US$30 billion and was the country's primary source of foreign currency. Petroleum has been the primary industry in Iran since the 1920s. Despite Tehran’s attempts to diversify the economy, the oil and gas industry is still the critical engine of economic growth. Oil revenues over the past few years have accounted for around 60 percent of government revenues. Iran is endowed with 155 billion barrels of oil equivalent to 10.9% of the global oil reserves. II. Iran owns 18% of the global natural gas reserves equal to 34 TCM of natural gas. III. Iran’s current exploration projects will lead to a considerable increase in the country’s oil and gas reserves. Iran’s combined oil and gas reserves are probably the highest in the world and are matched only by Russia and Saudi Arabia. Based on official statistics, Iran’s oil reserves are over 130 billion barrels, which allows the country to produce more than 5 million barrels of oil per day for over 50 years.

25 Jun 2018 The National Iranian Oil Company (NIOC) and Iran's oil ministry were also enthusiastic about revitalizing Iran's oil and gas fields and bringing 

28 Feb 1979 When the politically-motivated strikes reduced Iranian oil output below Iran's domestic energy requirements, the global oil production network  25 Jun 2018 The National Iranian Oil Company (NIOC) and Iran's oil ministry were also enthusiastic about revitalizing Iran's oil and gas fields and bringing  24 Apr 2019 Finding a new market for U.S. liquefied natural gas (LNG) and U.S. oil may be the aim of U.S. sanctions against Iran. The shale gas boom gives  10 Dec 2018 Responsible for Iran's crude oil and gas exploration and production operations; carries out research and development projects leading to  18 Sep 2019 A satellite image showing damage to oil/gas Saudi Aramco Whoever attacked Abqaiq—whether Iran, as seems increasingly likely, or its in the international oil and gas industry because of its function, location, and scale. Iran is an energy superpower and the Petroleum industry in Iran plays an important part in it. In 2004 Iran produced 5.1 percent of the world's total crude oil (3.9 million barrels (620,000 m 3 ) per day), which generated revenues of US$25 billion to US$30 billion and was the country's primary source of foreign currency.

Iranian oil production entails handling large quantities of associated natural gas. But with limited ability to bring that gas to foreign markets, and an export strategy centered around oil, Iran consistently ranks among the top three countries in the world for gas flaring.

Due to some requirements in Iran's Constitution and Petroleum Act, buy-back contracts are usually employed in the development of oil and gas fields in Iran. Regarding oil and gas contracts, if the exploration is also under the offered scope of services, buy-back contract will be a categorized as “Risk Service Contract” with the special payment procedure.

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