According to National Iranian Oil Company (NICO)’s 2016 report, Iran’s oil, gas and gas condensate production capacity stood respectively at 4 mb/d, 850 mcm/d and 750,000 b/d. Meantime, gas injection was reported at 77 mcm/d.

In terms of oil and gas exploration potential, Iran will be ranked respectively 6th and 5th in the world by 2025.

Brazil, Russia, the United States of America, Saudi Arabia, Greenland, Iran, Venezuela, Iraq, Nigeria and Kazakhstan will be top ten countries in conventional oil exploration potential by 2025. Russia, the United States of America, Saudi Arabia, Brazil, Iran, Turkmenistan, Nigeria, Australia, Norway and Iraq will be top ten in conventional gas exploration potential by 2025.  

In the discoveries registered in Iran following the 1979 Islamic Revolution, the South Pars gas field is the most significant. Iran is recovering more than 600 mcm/d from this field which is shared with Qatar where it is known as North Dome.

One of the largest gas reserves in the world, South Pars is located some 100 kilometers off Iran’s southern coasts in the Persian Gulf. The field covers a total 9,700 square kilometers, 3,700 square kilometers of which lying in Iranian territory.

Discovery of the giant South Azadegan oil field is also a turning point following the Islamic Revolution. The field, which Iran shares with Iraq, holds 28.2 billion barrels of oil in place, 1.6 billion barrels of which is recoverable. The API gravity of South Azadegan oil varies between 22 and 34 degrees.