SKU: 28188
Author: Wood Mackenzie

Country Report 14 March 2025

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Report summary

Iran is an energy giant. The country has the world's fourth-largest gas reserves behind Russia, the United States, and Qatar; and the fifth-largest oil reserves. It is the third-largest gas producer and the seventh-largest oil producer globally. In 2024, gas and liquids output has reached approximately 10.4 million boe/d. Production is almost evenly split between liquids and gas.Despite being an energy giant, Iran faces an acute supply-demand imbalance. Seasonal energy demand ...

Executive summary
- Oil production
- Gas production
- Condensate and NGL production
- Foreign investment and technology
Key facts
Location maps
Key companies
- Main subsidiaries
- Internationally-based subsidiaries of NIOC
- Selected local E&P companies for IPC projects
  - NIOC-affiliated companies
  - State-affiliated companies
  - IRGC-affiliated companies
  - Private companies
  - Due diligence
  - Operating capability
  - Financing capability
- Foreign companies
Geology
- Introduction
- Regional tectonic framework
- Zagros and Arabian basins
  - The Arabian Platform
  - Reservoirs
  - Structural development
  - Other basins
- South Caspian basin
- Major petroleum plays
  - Dalan formation
  - Kangan formation
  - Khami group (Surmeh (Arab), Fahliyan (Yamama) and Dariyan (Shuaiba) reservoirs
  - Bangestan group (Kazhdomi (Nahr Umr), Sarvak (Mishrif) and Ilam formations
  - Asmari limestone
- Source rocks and petroleum type
Exploration
- Licensing
  - 1901-1979
  - Islamic Revolution
  - 1995 - The return of foreign oil companies
  - 1998 - First buy-back round
  - 2003 Offshore licensing round
  - 2004 Exploration licensing round
  - 2007 Exploration licensing round
  - IPC tenders
- Drilling
  - Drilling activity
  - Onshore and the Persian Gulf
  - 1900-1979
  - 1979-2002
  - 2003-present
  - Caspian Sea activity
Reserves and resources
- Oil reserves and resources
- Gas reserves and resources
- Maturity of the reserve base
- Reserves by field
Production
- Oil/liquids
  - Oil production outlook
  - Condensate and NGL production growth
  - Historical production
  - OPEC
- Gas
  - Gas production outlook
  - Dedicated re-injection projects
  - Sales gas historical production
Infrastructure
- Introduction
  - Oil
  - Gas
- Oil infrastructure
  - Gourreh-Jask oil pipeline
  - Pumping stations
  - Deliveries to domestic refineries
  - Oil (and condensate) refineries
  - Oil export terminals
- Gas infrastructure
- Existing pipelines
  - IGAT-1
  - IGAT-2
  - IGAT-3
  - IGAT-4
  - IGAT-5
  - IGAT-6
  - IGAT-7
  - IGAT-8
  - 3 more item(s)...
- Future gas pipelines
  - IGAT-11
- Gas processing facilities
  - Major gas processing facilities
  - Fajr-e Jam (formerly Valli Asr)
  - Bid Boland
  - Khangiran (Hasheminejad)
  - Dalan
  - Assaluyeh and Kangan
  - Parsian 1 and 2
- Export pipelines
  - Turkey
  - Azerbaijan (swap for Nakhchivan region)
  - Armenia
  - UAE - Sharjah
  - Iran Pakistan India (IPI Pipeline)
  - Iraq
  - Iraq-Turkmenistan swap deal
  - Oman
- LNG
  - Supply - South Pars
  - Supply - North Pars
  - Sales
Costs
- Capital costs
  - Capital expenditure by location
- Operating costs
  - Operating expenditure by location
Policy and regulation
- Key legislation
  - Petroleum Act (1974)
  - Oil Act (1987)
  - Other developments
  - Iranian Constitution - Article 44
  - Iranian Constitution - Article 81
  - Iran Libya Sanctions Act (ILSA), 1996
- Regulatory body
- State oil company
- National Iranian Oil Company (NIOC)
  - National Iranian South Oil Company (NISOC)
  - Iranian Central Oil Fields Company (ICOFC)
  - Khazar Exploration and Production Company (KEPCO)
  - Iranian Offshore Oil Company (IOOC)
  - Pars Oil and Gas Company (POGC)
  - Petroleum Engineering and Development Company (PEDEC)
  - Arvandan Oil and Gas Company (AOGC)
- National Iranian Gas Company (NIGC)
- National Iranian Gas Export Company (NIGEC)
- State participation
- Licensing
Fiscal terms
- Overview
- Upstream
  - Buy-back contracts
  - Iran Petroleum Contract (IPC)
- Midstream and downstream
  - Pipelines
  - Gas utilisation
- Current fiscal terms
- Iran Petroleum Contract
  - Main innovations
- NISOC contract
- Buy-back contracts
  - State equity participation
  - Bonuses, rentals and fees
  - Royalty and other production taxes
  - Buy-back cost recovery
  - Buy-back profit sharing
  - Corporate (or Petroleum) Income Tax (CIT)
- NIOC contract terms
  - Government priority production
  - Corporate Income Tax (CIT)
  - Capital and operating costs
  - Royalty
- 4 more item(s)...