Oil & Gas Sector of Iran
Oil and Gas Sector
Iran holds the world’s second largest gas and fourth largest crude oil reserves globally. According to the 2015 BP Statistical Review of World Energy, Iran has proven oil reserves of 158 bn barrels, equivalent to more than 150 years of production at the rate of extraction recorded in 2014. Petrochemicals production is the second-largest industrial sector after oil and gas.
The investment priorities in the oil and gas industry include enhanced oil recovery projects and the construction of liquefied natural gas (LNG) export facilities. Iran shares the world’s largest gas asset with Qatar and has the potential to become a leading LNG exporter if it can access the right technology.
The lifting of economic sanctions is expected to unlock significant spending on the oil and gas industry as well as other sectors of the economy, which would benefit from investment and access to new technology.