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Having 10% and 18% of the world's oil and gas reserves respectively, Iran was the Opec's second largest oil producer in the Iranian year (ending late March 2008). The country also enjoys an outstanding status in meeting the world's energy demands with a production capacity of over 4 million barrels of crude oil per day. It is expected that Iran will supply over 12% of the world's hydrocarbon productions by the next 20 years.
Possessing huge reserves of hydrocarbons, National Iranian Oil Company (NIOC) is considered as one of the world's giant oil companies. For the time being the in place oil and gas of the company are estimated over 137 billion barrels of crude oil and 28 trillion cubic meters of gas.
National Iranian Oil Company (NIOC) managed to increase 2,840 million barrels of crude oil, 1,045 billion cubic meters of gas, and 898 million barrels of NGL and condensates to the country's in place reserves by developing its explorations of 5 oil and gas fields in the year ending late March 2008.
While cooperating with its own subsidiary companies, managements, and organizations with a non-focusing policy and distributing its authority to different sections, NIOC has supervised and managed the country's oil industry activities and has taken great steps toward establishing economic agencies. This has enabled the company to fund its own financial resources of development projects, to improve its technology in exploration, production, and drilling activities, and to provide equipment independent of the country's budget.
Attaining self-reliance in running the industry, achieving localized expertise in oil industry as well as other sciences related to oil and gas reserves, domestic construction of different facilities and equipment, and producing various types of products, are among the major achievements in the country's oil industry.
The high, but real price of oil in 2007 made the Iranian authorities to reform and set the final budget based on the price of oil as $70 each barrel; therefore, the income of crude oil export had a 6.2% increase compared to the ratified budget bill.
NIOC, the world’s second largest oil and gas company in terms of domain of activities, has successfully discovered twice the amount of depleted oil and natural gas reserves so far. According to international figures, the total reserves of crude oil in the Middle East are 741.6 billion barrels, of which Iran possesses 18.4 percent.
Presently, NIOC, having the 15.8 percent of total crude oil export of the Middle East, ranks second below Saudi Arabia. Analyses show an increase in Iran’s oil export compared with the previous year.
According to the ranking proposed by Energy Intelligence, NIOC ranks second among 100 oil and gas companies in the world.
Development Projects of Oil and Gas Fields, Gas injection, and NGL Production
Buyback and Finance Projects
This table shows the latest status of buyback and finance contracts in implementation stage by the end of the Iranian year ending late March 2008.
Final status of buyback and finance contracts in implementation stage to the end of the Iranian year ending late March 2008
|
No.
|
Plan/ Project
|
Basic production (thousand bpd)
|
Final production of crude oil, gas, NGL, and condensates
|
Date of signing the contract
|
Predicted date of completion
|
Contract awarded to
|
Pct of physical progression by late March 2009
|
Percentage agreed by contractor to use local capacities
|
|
1
|
Amak (preventing the flare of Bangestan associated gases in southern oilfields
|
-
|
5 mcm/ pd of gas and 27,800 bpd of NGL
|
June 2000
|
August 2008
|
Iritak/ Irasco
|
99.85
|
47
|
|
2
|
Development of Salman oil and gas layers
Salman oil layers
Salman gas layers
|
80
-
|
130,000 bpd of crude oil
14 mcm/ pd of gas and 6,000 bpd of condensates
|
August 2000
|
December 2008
|
Petroiran/ Partnership of Amid and Iranian Offshore Engineering and Construction Company/ IGC/ Partnership of Sadra & Saf
|
95
|
70
|
|
3
|
Development of Darquain Oilfield
|
6
|
Phase 1: 50,000 bpd of crude oil
Phase 2: 160,000 bpd of crude oil
|
July 2001
|
June 2008
|
National Iranian Drilling Company (NIDC) AGIP/ NICO (financier)
|
92
|
61
|
|
4
|
Development of Masjed Soleiman Oilfield
|
2.7
|
27,700 bpd of crude oil
|
June 2002
July 2007 (new contract)
|
August 2010
|
Naftgaran/ CNOOC
|
10
|
51
|
|
5
|
Development of Kharg common oilfields
Foruzan
Esfandyar
|
24.2
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93,200 bpd of crude oil and 7 mcm/ pd of gas
89,200 bpd of crude oil and 7 mcm/ pd of gas
4,000 bpd crude oil
|
May 2002
|
March 2011
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SLP Consortium and Iranian Offshore Engineering and Construction Company/ Petroiran
|
56.34
|
32
|
|
6
|
Development of Dorud Oilfield
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130
|
220,000 bpd of crude oil
|
March 1999
|
August 2008
|
Total/ AGIP
|
98.82
|
53
|
|
7
|
Development of Southern Azadegan Oilfield-phase 1*
|
-
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Phase 1: 150,000 bpd of crude oil and 3.26 mcm/ pd of gas
Phase 2: 260,000 bpd of crude oil and 6.37 mcm/ pd of gas
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March 2004
2007*
|
2012
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Partnership of Japanese INPEX and Petroiran & Jahanpars/ NICO (financier)
|
8.5
|
51
|
|
8
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Development of Ragesefid Oilfield-phase 1
|
180
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220,000 bpd of crude oil and 7.36 mcm/ pd of gas
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March 2005
2007 (new contract)
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2011
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Energy and Oil Industry Development Company GTIS
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94.93
(three-dimensional seismic operation)
|
60
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New contract to decrease 10% of INPEX share and appointing the partnership of Petroiran & Jahanpars as new contractors
Final status of buyback and finance contracts in implementation stage to the end of the Iranian year ending late March 2008
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No.
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Plan/ Project
|
Basic production (thousand bpd)
|
Final production of crude oil, gas, NGL, and condensates
|
Date of signing the contract
|
Predicted date of completion
|
Contract awarded to
|
Pct of physical progression by late March 2009
|
Percentage agreed by contractor to use local capacities
|
|
9
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Gas supply-phase 2
|
-
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29.2 bcm of gas is annually replaced with LNG
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July 2002
|
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National Iranian Gas Company/ NICO (financier)
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75.3
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51
|
|
10
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Development of South Pars Gas Field phases 6, 7, and 8
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-
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110 mcm/ pd of sour and dry gas and 158,000 bpd of condensates and annually 1.6 million tons of LPG
|
July 2000
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September 2009
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Petropars/ Estate Oil/ Toyo Consortium/ Idro/ GGC/ Daelem
|
96.5
|
56
|
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11
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Development of South Pars Gas Field phases 9 and 10 (Finance)
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-
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50 mcm/ pd of gas, 80,000 bpd of condensates, and annually 1.05 million tons of LPG, and annually 1 million tons of ethane
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September 2002
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November 2008
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GS Consortium/ Iranian Offshore Engineering and Construction Company/ German Deutsche Bank (financier)
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82.89
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60
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12
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Development of South Pars Gas Field phase 12
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-
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78 mcm/ pd of sweet gas and 120,000 bpd of condensates
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July 2005
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April 2011
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Petropars
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3
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51
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13
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Development of South Pars Gas Field phases 15 and 16 (Finance)
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-
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50 mcm/ pd of gas, 75,000 bpd of condensates, annually 1.05 million tons of LPG, and annually 400 tons of sulfur
|
July 2006
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2011
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Partnership of Khatam alanbiya headquarters and Iranian Offshore Engineering and Construction Company/ ISO ICO and Saf
|
7
|
51
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Final status of buyback and finance contracts in implementation stage to the end of the Iranian year ending late March 2008
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No.
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Plan/ Project
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Basic production (thousand bpd)
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Final production of crude oil, gas, NGL, and condensates
|
Date of signing the contract
|
Predicted date of completion
|
Contract awarded to
|
Pct of physical progression by late March 2009
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Percentage agreed by contractor to use local capacities
|
|
14
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Development of South Pars Gas Field phases 17 and 18 (Finance)
|
-
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50 mcm/pd of sweet gas, 75,000 bpd of condensates, annually 1.05 million tons of LPG, annually 400 tons of sulfur, and annually 1 million tons of ethane
|
March 2006
|
2012
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Petropars/ Iranian Industries Development and Construction Company/ Oil Industries Engineering and Construction Company
|
11.33
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51
|
|
15
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Construction of Bidboland Gas Refinery 2 (finance)
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-
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42 mcm/pd of gas, 24,000 bpd of condensates, annually 1.51 million tons of LPG, and annually 1.48 million tons of ethane
|
July 2005
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2011
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Sazeh and Jahanpars Consortium and Consortium of Southern Tehran and Netherlandish CBI
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0.6
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43.3% local share-refinery
51% local share- other activities
|
|
16
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Development of South Pars Oilfield oil layers- phase 1
|
-
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Phase 1: 35,000 bpd of crude oil
Phase 2: 54,000 bpd of crude oil
|
March 2005
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2008
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Petroiran/ Well Services Iran (MC)
|
51.09
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51
|
|
17
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Construction of Kharg Gas Production Plant and NGL (finance)
|
-
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11.42 mcm/pd of gas, 5,000 bpd of condensates, 2,550 bpd pentane, annually 1.25 million tons of LPG, and annually 1.48 million tons of ethane
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October 2006
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June 2010
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John Brown (basic studies)/ Partnership of Airitak and Irasco/ NICO (financier)/ Sofregaz (basic re-engineering)
|
6.79
|
51
|
|
18
|
Gas supply- phase 3
|
-
|
8.6 billion cubic meters of gas is annually replaced with NGL
|
November 2006
|
March 2010
|
National Iranian Gas Company/ NICO (financier)
|
22
|
51
|
|
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