Iranian Minister of Petroleum Bijan Zangeneh said despite the fact that among the oil-exporting countries in the region, Irans budget was the least dependent on petrodollars, the macroeconomic policy of the country “is to reduce the dependence of the budget on oil revenues."

Speaker of the Iranian Parliament Ali Larijani voiced Iran’s readiness to engage in oil and gas cooperation with neighboring Azerbaijan.

Iran hopes to bring its oil output to over 5 mb/d under its 20-year vision plan by investing in ageing fields. Some of oil fields in Iran are already mature. Their oil has partly been recovered, but cutting edge technologies are needed to extract the remaining oil.

Iran plans to sell 3 million barrels of crude oil to private companies in the third round of sales aimed at bypassing US sanctions, Minster of Petroleum Bijan Zangeneh says.

Iran’s gas recovery for the supergiant South Pars gas field is projected to increase by 56 mcm/d by the end of the current calendar year to March 20 2019.

Iran’s natural gas export which was halted by damage to IGAT-6 Pipeline has resumed.

Global technology powerhouse Siemens has announced plans to install the world’s first lithium-ion battery solution for an offshore drilling rig.

Extracting gas from new sources is vital in order to supplement dwindling conventional supplies. Shale reservoirs host gas trapped in the pores of mudstone, which consists of a mixture of silt mineral particles ranging from 4 to 60 microns in size, and clay elements smaller than 4 microns.

Born in 1908, Iran’s petroleum industry went through ups and downs during the first four decades of its life.

Iranian Minister of Petroleum Bijan Zangeneh said the outcome of 175th OPEC Meeting served Iran’s interests as well as those of the organization.