• 2 minutes Rational analysis of CV19 from Harvard Medical School
  • 4 minutes While U.S. Pipelines Are Under Siege, China Streamlines Its Oil and Gas Network
  • 7 minutes Renewables Overtake Coal, But Lag Far Behind Oil And Natural Gas
  • 12 hours Joe Biden the "Archie Bunker" of the left selects Kamala Harris for VP . . . . . . Does she help the campaign ?
  • 30 mins Tesla Begins Construction Of World’s Largest Energy Storage Facility
  • 19 hours Trump Hands Putin Major Geopolitical Victory
  • 5 hours America Could Go Fully Electric Right Now
  • 2 hours Will any journalist have the balls to ask Kamala if she supports Wall Street "Carried Interest" Tax Loophole
  • 14 hours Those Nasty White People and Camping Racism
  • 2 hours In 1,267 days, Trump has made 20,055 false or misleading claims
  • 9 hours COVID&life and Vicious Circle: "Working From Home Is Not Panacea For Virus"
  • 3 hours .
  • 2 hours Brent above $45. Holding breath for $50??
  • 4 hours Buying votes is cool now.
  • 15 hours The Truth about Chinese and Indian Engineering
  • 1 day Oil Tanker Runs Aground in Mauritius - Oil Spill
  • 2 days China wields coronavirus to nationalize American-owned carmaker
  • 2 days Open letter from Politico about US-russian relations
  • 2 hours The World is Facing a Solar Panel Waste Problem
Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Premium Content

Iran Nears Pre-Sanction Levels, Starts Pumping Oil At 3 New Fields

Three new oilfields in Iran were put in production mode this weekend at an official ceremony, adding more than 220,000 bpd to the country’s total output.

The fields are Yadavaran, North Azadegan, and North Yaran—three of the five fields that Iran shares with Iraq. The launch of North Yaran was reported last week, with initial production seen at 30,000 bpd. North Azadegan will yield 75,000 bpd, and Yadavaran should produce 115,000 bpd.

At the ceremony, President Hassan Rouhani was quoted as saying that “Oil production west of Karoun must reach one million barrels per day. This is a realistic goal, and we need investment and technology.”

The latest production figures for October for Iran are 4 million bpd, with exports at 2.4 million bpd. The country, which insisted—and succeeded—that it be exempted from an OPEC-wide production cut, has made no secret of its intentions to ramp up its oil production as quickly as possible.

To this end, Tehran devised a whole new petroleum contract in a bid to lure in foreign energy companies with the know-how and experience to help it in its plans. The first international major to sign on was France’s Total, which will develop the giant South Pars offshore field, together with Chinese CNPC. Related: Is GE Looking To Exit Oilfield Services?

Meanwhile, U.S. president-elect Donald Trump has during his campaign slammed the decision that put an end to the harshest of the sanctions against Iran, saying that he would have negotiated longer sanctions. At the same time, however, Reuters reminds us, Trump has been critical of the sanctions as something that prevents U.S. companies from doing business with Iran.

According to experts, pulling out of the international deal could create tension between Washington and its allies in Europe, for whom Iran’s return on the international energy scene was welcome news, as the continent seeks to reduce its energy dependence on Russia.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment
  • Kr55 on November 14 2016 said:
    If Iran doesn't want to play ball and help prop up prices, it'll leave no choice for republicans looking to prop up the US oil industry to bring the sanctions back. Very easy win (ignoring long term implications) for them to pull >1M barrels of the market by picking on Iran.

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News