Iran's oil exports have reached the pre-sanctions level and its oil revenues will reach $45b to $50b in the Iranian year to March 2018, if prices remain at $55 per barrel.
French oil major Total plans to make a final investment decision (FID) on a $2b gas project in Iran by the summer, but the decision hinges on the renewal of US sanctions waivers.
The National Iranian Oil Company sold its first cargo with 160,000 barrels of gas condensates from South Pars Phases 20 and 21 to Japan.
Iran has completed the installation of platform 18B of the country’s supergiant South Pars gas field.
Iran is planning to increase daily oil production to 750mcm from the South Pars field, jointly operated with Qatar, once the new phases are implemented.
Iran has brought two more operations online in its biggest South Pars gas field in Asaluyeh, the Phases 15 and 16, at a total cost of $6b.
Iran’s South Pars Gas Field development project will begin producing gas at one of its platforms of Phase 19 by mid-March 2016.
Iran on Saturday announced that its production of natural gas from South Pars energy zone had increased to as high as 440 million cubic meters per day (mcm/d).
Iran says its natural gas production has increased by nearly 20% in the current calendar year (starting March 20, 2014) compared to the same period last year.
Mohsen Qamsari, head of the NIOC's international affairs, said that the Islamic Republic is set to inject more oil into the world market in an attempt to raise market share.
Iran’s oil minister says the country plans to pump up natural gas production at South Pars gas field to 100 million cubic meters (mcm) per day by the end of the current Iranian calendar year (March 21, 2015).