Iran's energy sector review

One of major companies, offering about 30 percent of total offered oil and gas projects to foreigners in framework of new designed contact, called Iran Petroleum Contract (IPC), is Iran's Central Oil Fields Company (ICOFC). Managing Director of ICOFC Salbali Karimi told Mehr News Agency on Dec.23 that the total value of offered projects is above 10 billion euro. During last month, Tehran hosted 137 companies from 45 countries for a two-day conference, during which legal generalities of IPC were introduced. Iran has offered 50 hydrocarbon fields, of which 17 projects belongs to ICOFC. Karimi said a daily average of 100,000 barrels of crude oil is currently produced in central oilfields of Iran and the figure is planned to double in two stages and reach 350,000 barrels per day by 2021. Recalling that recoverable crude oil reserves in Iran’s central regions add up to a total of 10 billion barrels, the official said “moreover, a sum of 7 trillion cubic meters of recoverable na

Iran and Azerbaijan signed the final document of the 10th joint economic cooperation commission meeting in Tehran, Dec. 22, which covers cooperation in 12 various sectors including oil, gas, industry, trade, healthcare, culture, transportation and renewable energy. The deal paves the way to cooperate more in gas swap, storing Iranian gas in Azerbaijan's underground storage facilities, oil products swap, developing energy reserves in Caspian Sea, etc. Iran and Azerbaijan have the potential to cooperate in the oil and gas sector, since the two countries boast huge deposits of oil and gas, and are capable to explore, produce, and export oil and gas. In the energy sector, developing the projects in Caspian Sea, gas export and gas storage issues have special importance. Caspian Energy Iran is keen to participate in the development of the Caspian Sea fields. Iran is cooperating with Azerbaijan for a decade to develop the Shah Deniz gas field in Azerbaijan, with over one trillion

During the 10th joint economic commission meeting, held on Dec.21 between   Iran  and   Azerbaijan , both sides emphasised the boosting of economic relations. Iran and Azerbaijan's trade turnover stands below $500 million according to Iranian officials statements, while the custom statistics show the figure is less than $300 million. In energy, Iran holds a 10% share in Azerbaijan's offshore gas field, Shah Deniz. Iran and Azerbaijan also swap about 1 million cubic metres of gas a day and also exchange power. Last November, Iranian Oil Minister Bijan Namdar Zanganeh explained the country's interests in cooperation with Azerbaijan,  during an exclusive interview with Trend . The most important issue for Iran currently is the development of about 50 oil and gas fields, offered to foreigners last month in the framework of a newly designed oil and gas contract, called the  Iran Petroleum Contract  (IPC). Iran has offered four projects in the Caspian Sea, blocks 24, 26 and 29

Iran's gas delivery to power plants experienced a huge drop due to soaring of housing gas consumption level in November. Iran's gas consumption in housing sector during September was about 120 million cubic meters per day (mcm/d), while this figure increased to above 450 mcm/d in late November and currently the figure stands around 500 mcm/d. The country's total gas refining capacity is below 600 mcm/d and consumption level in the housing sector leaves a small extra gas to be delivered to industrial and power sector which needs about 300 mcm/d of gas. According to the latest statistics, released by Iran Energy Ministry, the country's power plants have consumed 45.3 billion cubic meters of gas during 268 days of Iran's current fiscal year (From March 21 to December 13), while this figure for 238 days was 42.256 bcm. In other words, Iran's daily gas consumption in warm months of year was above 177 mcm/d, while this figure from November 13 to December 13 i