Iran Oil and Gas Industry Overview - Middle East Oil Producers

1. Oil Reserves

By the end of 2015, Iran's proven crude oil reserves stood at 158.4 billion barrels, accounting for 10.6% of the world's total and ranking fourth globally (behind Venezuela, Saudi Arabia and Canada). At Iran's current extraction rate, its oil can be produced for more than 90 years.

Iran's oil resources are mainly concentrated in the large onshore fields of the southwestern province of Khuzestan, which borders Iraq, and in the Persian Gulf region. Its oil and gas resources are concentrated mainly in the Zagros fold belt and the Persian Gulf basin, with the major oil and gas fields being Ahwaz, Marun, Gachsaran, Aghajari, Bibihakimeh and Paris.

2. Oil Exports

Iran is also a major world oil producer. In 2008 its oil output reached 215 million tons, ranking fourth in the world; in 2012, under the US and European oil embargo, output fell sharply to 177 million tons, recovering slightly in 2014 to 169 million tons (sixth in the world). In the same year Iran's domestic oil consumption was 93.19 million tons and exports reached 76 million tons. In 2014 Iran's natural gas production was 172.6 billion cubic meters, with domestic consumption of 170.2 billion cubic meters.

In 2015, Iran produced 3.15 million barrels of crude oil per day, exported 1.08 million barrels of crude per day and 514,000 barrels per day of condensate and other petroleum products, with oil export earnings of 27.3 billion US dollars - accounting for 35% of the country's total exports and 7% of its GDP. China, India and Japan have been Iran's top three crude export markets in recent years.

3. Natural Gas Production and Exports

Iran's proven natural gas reserves are about 33.5 trillion cubic meters, 16.6% of the world total, ranking second in the world (behind Russia). In 2015 natural gas production was 226.67 billion cubic meters, with exports of 8.54 billion cubic meters. The main enterprises in Iran's oil and gas sector include the National Iranian Oil Company and the National Iranian Gas Company.

4. Key Industry Organizations

• National Iranian Oil Company (NIOC): responsible for the exploration, production, refining and transportation of Iran's oil and natural gas.

• National Iranian South Oil Company (NISOC): responsible for onshore oilfield operations in southern Iran. It holds the largest market share, covering Khuzestan, Bushehr, Fars and Kohkiluyeh va Boyer Ahmad provinces, and accounts for 80% of Iran's oil production.

• National Iranian Oil Refining and Distribution Company (NIORDC): responsible for oil refining and distribution, with some overlap in business with NIOC.

• Iranian Offshore Oil Company (NIOOC): responsible for operations at the offshore oilfields of the Persian Gulf.

• National Iranian Gas Company: manages Iran's natural gas operations, including processing, distribution, transportation and export.

• Pars Oil and Gas Company (POGC): responsible for the North Pars and South Pars offshore gas fields.

• Khazar Exploration and Production Company: responsible for oil and gas development in Iran's Caspian Sea region.

• National Petrochemical Company (NPC): responsible for the production, distribution and export of petrochemical products.

5. Major Oil, Refining and Petrochemical Suppliers

The source material catalogs about one hundred Iranian oil, refining and petrochemical suppliers. The table below lists representative companies and their main products: