Iran's energy sector review

Iran's petrochemical products and condensate exports, which shares about a half of Iran's total exports, have decreased by 40 percent in past five months. Iran's Custom Administration released its monthly report on August 28, saying the total non-oil exports during first five months of current solar year (started on March 20) is $15.2 billion, while imports during this period reached $16.3 billion. Iran includes condensates in non-oil exports list. According to the report, Iran exported $3.1 billion worth of condensates in past five months, (averagely $620 million per month), which indicates a 14.3 percent decrease compared to the same period of last solar year. Iran exported more than $10 billion worth of condensates in a solar year which ended on March 19, 2012. This figure decreased to $8 billion during the last solar year (ended on March 20, 2013), then comparing current condensate export with the last two years, the figure shows about 26 percent plunge. On t...

The latest report of the U.S. Energy Information Administration (EIA) published on August 26 assessed the proven and probable offshore oil and gas reserves of Iran in the Caspian Sea at 0.5 billion barrels and 1 trillion cubic foots (equals to 2.83 billion cubic meters) respectively. Prior to that, British Petroleum released its annual report on May, putting Iran's all proven gas reserves at 33.6 trillion cubic meters in 2012, which indicates no change compared to 2011. However, Iran announced discovering a huge oil and gas field in December 2011 after years-longed operations with Amir Kabir rig in the Caspian Sea. Iran called this field Sardar-e Jangal. EIA doesn't reject the existence of this field, but hasn't confirmed it as well, saying Iran "claims" the field holds 100 million barrels of oil and 50 tcf of gas. There have been several numbers announced by Iranian officials about the amount of oil and gas reserves on the mentioned field so far. Accor...