Tag Archives: Iranian Ministry of Petroleum

The field holds an estimated 51 trillion cubic meters of gas and some 50 billion barrels of gas condensate.

European companies resumed purchase of oil cargoes from Iran since implementation of the Joint Comprehensive Plan of Action (JCPOA) in 2015.

South Pars is estimated to contain over six billion barrels of crude oil with the recovery rate of 10 percent.

The oil can be transferred both to Iran’s northern refineries and the southern export terminals.

Iran has for long been discussing with Oman to produce LNG in its Qalhat liquefaction plant.

Oil crashed to its lowest levels in over a decade in February 2016 from a high of $115 a barrel three years ago.

Over 800 tankers and vessels of all sizes berthed at the terminal in the last fiscal. up from 540 in the previous year. or around 33%.

Despite the US pressures. western companies are still interested in investment in Iran.

Tehran has intensified efforts to involve foreign oil and gas majors in its key petroleum industry.

Tehran and Baghdad signed a deal on the exports of natural gas from the giant South Pars Gas Field in 2013.