Kemp: Iran's Tantalizing Oil Prize

John Kemp is a Reuters market analyst. The views expressed are his own
LONDON, April 15 (Reuters) - Iran contains some of the largest and most attractive petroleum resources in the world, so any easing of sanctions could have a major impact on oil and gas markets in the second half of the decade.
Iran's possible re-emergence as a major exporter would force a re-ordering of the world oil market both because of the country's location on the cost-curve and the quality of its oil.
Iran's proved oil reserves of 160 billion barrels, almost 10 percent of the world total, rank it fourth after Venezuela (300 billion barrels), Saudi Arabia (265 billion barrels) and Canada (175 billion barrels), according to BP.
The country also has the world's largest proved gas reserves of almost 34 trillion cubic metres (18 percent of the global total), putting it ahead of Russia (17 percent) and Qatar (13 percent).
Iran's petroleum resources are contained in large, conventional reservoirs with excellent geological properties that make them highly productive at a relatively low cost.
Oil has been produced in Iran in commercial quantities since 1908, making it one of the world's oldest producers.
123456
View Full Article
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Weatherford CEO's Rebound Plan Relies On Getting Smaller
- Iran Says Oil Market Is Too Tight For US Zero Exports Target
- China's Squeezed 'Teapots' Eye Petchem Path To Riches
- Baker Hughes: US Drillers Add Oil Rigs For Second Week In Three
- Venezuela Hands China More Oil Presence, But No Mention Of New Funds
- Shell To Keep Prelude FLNG Shut Down Over Pay Dispute
- Exxon Inks India Offshore Exploration Deal With ONGC
- European Gas Set for Another Weekly Gain
- Concerns Raised Over Strength of Future Oil Demand
- Aker Energy Delays Filing Ghana Field Plan Over Lukoil Involvement
- Veteran Ships Drawn to Russian Oil Trade
- Significant Drop in USA Retail Gas Price Inflation
- Report Confirms Near Billion Barrel Oil Find
- The Gulf of Mexico Has a Pirate Problem
- Gulf of Mexico Disturbance Gathers Strength
- Gulf of Mexico Hurricane Season Looming Large
- Gazprom-Iran $40Bn Deal Faces Issues Over Corrosion And Sanctions
- Inflation Reduction Act Could Result In More Energy Service Inflation
- Energy Sec Sees USA Gasoline Prices Dropping Further
- US Shale Operators Not Capitalizing On High Crude Prices
- Top Headlines: 88 Energy Makes Billion Barrel Oil Announcement and More
- Saudi Aramco Betting Big On Carbon Storage
- Report Confirms Near Billion Barrel Oil Find
- 88 Energy Makes 1 Billion Barrel Oil Announcement
- Over A Quarter Of Turbines Installed On Formosa 2 Wind Farm
- The Gulf of Mexico Has a Pirate Problem
- Gulf of Mexico Disturbance Gathers Strength
- Saudis to Hike Oil Price to Record
- Pantheon Hits Multiple Oil Reservoirs At Second Alkaid Well
- Gulf of Mexico Hurricane Season Looming Large
- Analyst Gives Year-End Oil Price Warning
- Guyana Just Keeps On Giving As Exxon Makes Two More Discoveries