Iran’s Non-Oil Exports Hit $40bn in 11 Mths

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The head of Iran’s Trade Promotion Organization (TPO) announced that the country’s non-oil exports over the first 11 months of the current Iranian year (March 21, 2018 – March 20, 2019) have reached 40 billion dollars.

Speaking to the Islamic Republic of Iran Broadcasting (IRIB) on Thursday night, Mohammad Reza Moudoudi said the non-oil exports of the country in the first 11 months of the current year reached $40 billion, which showed a 0.75 percent decrease compared to the same period last year.

However, he said, the value of non-oil exports in the first 10 months of this year has witnessed an increase compared to a year earlier.

The official went on to say that the main reason for the decrease of our non-oil exports over the past 11 months was the restrictions on the sales of gas condensate, whose exports dropped by about 37.5% compared to a year earlier.

Iran has stepped up efforts in recent years to enhance its non-oil exports and reduce dependency on its oil revenues. The rise in the country’s exports comes despite the US sanctions.

US President Donald Trump walked away from the 2015 nuclear deal between Iran and world powers in May and re-imposed sanctions on the Islamic Republic.

Following the US exit from the nuclear deal, Iran and the remaining parties launched talks to save the accord.

Trump on August 6 signed an executive order re-imposing many sanctions on Iran, three months after pulling out of the Iran nuclear deal.

He said the US policy is to levy “maximum economic pressure” on the country.

The second batch of US sanctions against the Islamic Republic took effect on November 4.


Iran sitting on 200 Undeveloped Oil/Gas Reservoirs

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There are currently over 200 undeveloped oil and gas reservoirs in Iran, an official has said.

According to the National Iranian Oil Company (NIOC), Director of NIOC’s Integrated Planning Karim Zobeidi said that a total of 42.4% of Iran’s oil reservoirs and 10% of the gas reservoirs have been depleted so far.

Speaking on Monday at Amir Kabir University of Technology, the official said that there were 125 oilfields and 59 gas fields in the country, adding there are now more than 200 undeveloped reservoirs in Iran.

He stated that Iran’s oil and gas reservoirs and fields have a high capacity for research studies.

“Currently, most of Iran’s oil production is from the Asmari and Bangestan reservoirs of Ahvaz Oilfield, which has 70 billion barrels of oil in place,” he said.

Zobeidi added that Gachsaran, Rag Sefid, Bibi Hakimeh, Parsi and Aghajari fields are other major oil fields in Iran, and said: “It should be noted that high production requires continuous investment and exploitation of the latest technologies; in this regard, it is necessary to promote efficiency of activities by conducting research activities.”

He stated that currently the average production rate of hydrocarbon fields in the world was nearly 35 percent, almost 10 percent higher than that in Iran.


Iran Launches New Phases of South Pars Gas Field

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Iran’s president inaugurated four new phases of the large South Pars gas field in the southern province of Bushehr on Sunday.

Accompanied by the minister of oil and other top officials, President Hassan Rouhani inaugurated the phases 13, 22, 23 and 24 of the South Pars gas field.

Each of the new phases has a daily capacity of producing 56 million cubic meters of natural gas.

In these four phases, 77,000 barrels of gas condensate and 400 tons of sulfur are produced on a daily basis, and 1.5 million tons of liquid gas and one million tons of ethane are also produced per year, officials say.

The opening of new gas refinery complexes in the four phases has raised Iran’s gas refinement capacity in the South Pars gas field to 700 million cubic meters a day.

Iran’s capacity for daily gas extraction from the joint gas field has now reached 660 million cubic meters.

South Pars, whose development has been divided into 28 phases, is located in the Persian Gulf straddling the maritime border between Iran and Qatar.

It covers an area of 9,700 square kilometers, of which 3,700 square kilometers belongs to Iran.

It is estimated that the Iranian section of the field contains 14 trillion cubic meters of gas and 18 billion barrels of condensates in place.


South Pars Gas Output to Hit 750 mcm by Late 2019

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Iranian Minister of Petroleum Bijan Zangeneh said the country’s gas production capacity from the supergiant South Pars gas field would cross 750 million cubic meters per day by late 2019.

Addressing a ceremony to officially launch phases 13 and 22-24 of the major joint gas field, that was held in the presence of the Iranian President Hassan Rouhani in the southern city of Assaluyeh on Sunday, Mr. Zangeneh said the first South Pars development contract was struck back in 1997, and until August 2005, only 5 phases of the field were completed.

Between 2005 and 2013, the 5 unfinished phases were completed, he added, saying that in the period from 2013 to 2018, Phase 12 came online in 2014, phases 15 and 16 were completed by 2015, in early 2017, 6 phases became productive and today 4 other phase have come on-stream. “This brings the total number of South Pars refineries which became operational during the period to 15.”

He said plans were under way to bring online three more South Pars phases by mid-2019 which would include phases 13, 14 and 22-24.

The official further added that Iran’s gas production capacity stood at 622 mcm/d back in 2013 which is currently at 841 mcm/d and was expected to reach 880 mcm/d next calendar year (which begins on March 21) and 950 mcm/d by 2020.

The Iranian Minister of Petroleum added that gas production from South Pars stood at an average of 610 mcm/d while production capacity was 660 mcm/d from the joint gas fields.