New Oil Find in Abadan
Iran’s petroleum minister, Bijan Zangeneh, has announced the discovery of a new oil reservoir in Abadan where Iran’s first oil refinery is located. “On 22 January 2019, an oil well which was under drilling in Minou Island reached oil. This is the first time we discover oil in Abadan,” he said. Zangeneh said the new oil discovery would raise hopes for increasing oil resources in Abadan. “This exploration well struck oil at the depth of 3,770 meters. According to the preliminary tests, the oil contained in this reservoir has an API gravity of 40 besides being very sweet,” said
the minister. Zangeneh said exploration activities would continue to make an accurate estimate of the reservoir’s volume. “Exploration operations in the oil sector are focused upon in Abadan. Once exploration is complete we will embark on development,” he added. Zangeneh refused to provide details about Iran’s oil production and exports. He said: “Speaking about such issues would mean providing the US with hints to impose more sanctions on us.”“We have to wait and see what would happen to the extension of sanctions waiver granted to some buyers of Iran’s oil by the United States,” he said. Asked about oil prices, the minister said: “The Brent oil traded at $61 a barrel and the OPEC oil basket price is almost near that figure.” He said that Iran’s crude oil was traded $3 to $4 lower than the OPEC basket price due to its quality.
Gachsaran, Gateway to Oil ExportsAhmad Mohammadi, CEO of National Iranian South Oil Company (NISOC), has said the Gachsaran Oil and Gas Production Company (GOGPC) was the gateway of oil exports in southern Iran. “The share of this company in the development of 28 NISOC-run reservoirs is remarkable,” he said. “With the development of 28 reservoirs, the potential and practical capacities of neighboring provinces have effectively been used and consequently it will bring about business prosperity in addition to urban and rural development.” Mohammadi said GOGPC had extended its activities in four provinces, provided feedstock to petrochemical plants and had established 46 processing installations and pipelines in treacherous areas. He said GOGPC staff had always resisted tough conditions to resolve problems, adding: “Heaping praise on these human resources is among the top priorities of NISOC.”
New Technologies a Must for Petchem
A senior petrochemical official has said Iran needed to benefit from cutting edge technologies. Qodratollah Farajpour, director of production control at National Petrochemical Company (NPC), said: “Iran’s petrochemical industry needs to use updated knowhow and state-of-the-art technologies for growth and development.”He said that Iran’s scientific and research potentialities would meet domestic needs for a variety of petrochemical grades. He added: “The prospect of using new grades for petrochemical production and promising plans is a new development.”“In light of market needs and the high price of some products which have higher value-added, certain measures have been taken by some companies about the new grades, and the preparations are under way for expanding these measures,” said Farajpour.
Iran, World 3rd Largest Gas Producer
Iran ranked third among the world’s largest natural gas producers by the end of 2017, according to the latest statistical report released by BP. Based on the country’s macroeconomic policy, the share of natural gas in the country’s energy balance will increase due to its many advantages, such as environmental sustainability, and distribution of social justice. Iran as the third largest gas producer in the world in recent years has focused on increasing its share in the global gas market. Based on this policy, Iran’s gas production capacity has been on the agenda since the 2000s. After the 1979 Islamic Revolution, natural gas production in Iran increased from 89 bcm in 1979 to over 3.75 bcm in 2018. The latest BP survey shows that by the end of 2017, Iran ranked third in the world in terms of natural gas production with over 223 bcm of natural gas, having a 6.1 percent share of the global gas market
Impossible to Drive Iran Out of Energy Market
Iran’s President Hassan Rouhani has said that the oil and gas-rich country could not be driven out of the energy market.“Thanks to its oil and gas strength, Iran is not a nation to be eliminated from the energy market,” Rouhani said.He said the enemies of Iran were pressuring Iran on the two issues of oil exports and banking.“On oil issues we are fortunately pursuing various methods and options to sell our oil and we easily circumvent the US sanctions,” he added.Rouhani said: “All countries know that these sanctions are unjust, unlawful and directed against the Iranian nation, and are not against any specific person or government entity. They would only ratchet up pressure on the Iranian people The president boasted that Iran’s discovered oil reserves had nearly doubled since the victory of the Islamic Revolution.“Compared with the early days of the Revolution, we have big oil and condensate reserves, indicating our success in the discovery of new reservoirs,” he added.Rouhani said: “I assure the people of Iran that all officials, particularly those at the Petroleum Ministry, will try their best to fulfill their lawful obligations and make their best efforts in the oil, gas and condensate production and sales and use the options we have in the best possible manner. Oil Exports Containment FailedIran’s parliament spokesman Ali Larijani also said the US failed in its attempt to cut Tehran’s oil exports to zero after restoring tough sanctions targeting the petroleum sector last November. “The US had the intention of zeroing Iran’s oil exports, but it failed and the plot was defeated,” he said. “We are selling our oil and we have good economic ties with our neighbors,” said Larijani.Under Iran’s national budget bill for the next calendar year, Iran is expected to export 1.5 mb/d of oil