Oil Industry

NIOC to introduce 23 oil, gas exploration blocks

TEHRAN, Apr. 19 (MNA) – The National Iranian Oil Company (NIOC) is set to introduce 23 onshore and offshore exploration blocks to accelerate hydrocarbon resource exploration and attract investment.

Iran's oil output increases by 12,000 bpd: OPEC

TEHRAN, Apr. 14 (MNA) – The Organization of Petroleum Exporting Countries (OPEC) in its latest report has said that Iran's oil production volume has increased by 12,000 barrels per day (bpd ) in March, reaching 3.335 million barrels per day.

Iran to present 200 oil investment opportunities worth $135b

TEHRAN, Apr. 08 (MNA) – National Iranian Oil Company (NIOC) will introduce over 200 investment opportunities in the country’s upstream oil and gas sector in the current year, Deputy Investment and Business Director Amir Moghiseh announced.

What is Gilsonite?

TEHRAN, Apr. 07 (MNA) –Gilsonite is a high-demand raw material used in oil drilling, asphalt, and printing industries.

Iran to resume offshore oil, gas exploration in Persian Gulf

TEHRAN, Apr. 05 (MNA) – Iran will hopefully resume offshore oil and gas exploration activities in the Persian Gulf for the first time in five years, says a senior official at the National Iranian Oil Company (NIOC).

Iran's Oil Ministry responds to media claims about oil sales

TEHRAN, Mar. 24 (MNA) – An official at Iran’s Oil Ministry responded to certain media claims regarding the country’s oil sales, emphasizing that Iran’s oil trade complies with all accepted standards and norms in oil transactions.

Russia using Crypto in Chinese , Indian Oil Trade: Source

TEHRAN, Mar. 15 (MNA) – Russia is using cryptocurrencies in its oil trade with China and India to dodge Western sanctions, Reuters reported Friday, citing four sources with direct knowledge of the matter.

Chinese state refiners cut oil imports from Russia

TEHRAN, Mar. 15 (MNA) – Some state-controlled Chinese refiners have reduced purchases of Russian oil loadings for March as they assess the risks of dealing with sanctioned entities.

Iran begins gas production from first infill well at S Pars

TEHRAN, Mar. 12 (MNA) – Iran started gas production from its first infill well at South Pars, the country’s largest gas field in the Persian Gulf, increasing supply to meet growing energy demand.

Iran, Iraq discuss ways to strengthen energy partnership

TEHRAN, Mar. 05 (MNA) – Iran's Oil Minister Mohsen Paknejad and Iraq’s Minister of Electricity Ziad Ali Fadel met on Wednesday to discuss improving cooperation in energy sectors including oil, gas, petrochemicals, and electricity.

OPEC+ to raise output for first time since 2022

TEHRAN, Mar. 04 (MNA) – The Organization of the Petroleum Exporting Countries and its allies, a grouping known as OPEC+, has decided to go ahead with plans to increase its production in April after three years of imposing cuts.

NIOC announces Iranian crude oil OSP for March

TEHRAN, Mar. 03 (MNA) – National Iranian Oil Company (NIOC) has set official selling prices (OSP) for Iranian crude oil in March, so that Iran’s light crude oil will be priced $4.35 above the benchmark price (Oman/Dubai crude) for Asian customers.

Iran’s GDP grows 3.1% in 9 months, fueled by oil sector

TEHRAN, Mar. 01 (MNA) – Iran's gross domestic product (GDP) grew by 3.1% year-over-year in the first nine months of the current Iranian calendar year 1403 (March 20–December 20, 2024), including oil.

Iranian oil supply to China in set to rebound in March 2025

TEHRAN, Mar. 01 (MNA) – China's imports of Iranian oil is set to rebound in March as non-sanctioned tankers, drawn by lucrative payoffs, joined the trade replacing vessels under US embargo, trade sources and analysts said.

Iraq, Russia discussing supplies of oil and gas equipment

TEHRAN, Feb. 27 (MNA) – Moscow has suggested that Baghdad move to joint standards of oil and gas equipment, which is necessary for organizing supplies from Russia, Russian Energy Minister Sergey Tsivilyov told reporters.

Iran reacts to fresh US sanctions on its oil trade

TEHRAN, Feb. 26 (MNA) – Iran’s Foreign Ministry spokesman Esmaeil Baghaei strongly reacted to the latest US sanctions targeting vessels, individuals, and entities allegedly involved in Iran’s crude oil trade.

Incident reported in Shazand Oil Refinery

TEHRAN, Feb. 25 (MNA) – Media sources reported a fire incident in one of the units of Shazand Oil Refinery in Arak city of Markazi province on Tuesday.

Oil industry faces $17.4 trillion investment demand: OPEC SC

TEHRAN, Feb. 23 (MNA) – Secretary General of the Organization of Petroleum Exporting Countries (OPEC) Haitham Al Ghais says that the oil industry needs $17.4 trillion worth of investment.

Iraq rejects oil exports from Kurdistan under US pressure

TEHRAN, Feb. 23 (MNA) – Iraqi authorities have rejected reports that they have allowed a resumption of oil exports from the Kurdistan region because of threats by the US government.

US piles pressure on Iraq to resume Kurdish oil exports

TEHRAN, Feb. 22 (MNA) – US President Donald Trump's administration is piling pressure on Iraq to allow Kurdish oil exports, a report says.

Iran's crude oil exports to China surges despite US sanctions

TEHRAN, Feb. 20 (MNA) – Iranian crude oil flows to China have rebounded this month after a US sanctions on shipments launched in late 2024 decimated them in January.

NIORDC announces five mega technology projects

TEHRAN, Feb. 20 (MNA) – The research and technology director of the National Iranian Oil Refining and Distribution Company (NIORDC) has announced the launch of five mega technology projects in the refining industry.

Report:

Iraq to ban more banks from US dollar transactions

TEHRAN, Feb. 17 (MNA) – Iraq is working with the United States to ban more local banks and financial firms from engaging in US dollar transactions, according to a report.

Trump will not achieve his goals regarding Iran’s oil exports

TEHRAN, Feb. 10 (MNA) – Iran's oil minister says that Donald Trump will never achieve his goals regarding Iran’s oil exports.

NIORDC head:

PG Star Refinery among achievements of Islamic Revolution

TEHRAN, Feb. 09 (MNA) – The development of gas fields and construction of the Persian Gulf Star Refinery are the most significant achievements of the oil industry in the 46 years since the Revolution, CEO of NIORDC states.

Oil min. warns unilateral sanctions destabilize oil market

TEHRAN, Feb. 05 (MNA) – Iran’s Oil Minister Mohsen Paknejad met Secretary-General of Organization of Petroleum Exporting Countries (OPEC) Haitham al-Ghais on Wed., saying unilateral sanctions against major oil producers threaten global energy market.

Oil falls amid US tariff pause on Mexico, Canada

TEHRAN, Feb. 04 (MNA) – Oil prices retreated on Tuesday as Donald Trump paused for a month a decision on steep tariffs on Mexico and Canada, the US' biggest foreign oil suppliers, while prospects of higher OPEC+ supplies from April also weighed.

Sudan eyes Iran’s knowhow to build upstream oil industry

TEHRAN, Jan. 30 (MNA) – Sudan, which has its own downstream oil industry, could benefit from Iran’s upstream expertise and petrochemical products to set up its upstream oil industry, according to a Sudanese official.