Page 44 - IRANRptDec21

Iran’s petrochemical exports surged 94% to $7bn in 1H of Persian year says NIPC director
Iranian crude production up 0.8% in Sept says OPEC
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Under plans, the offshore Kish gas field would also see its first development phase, while Phase 11 of the South Pars field and the onshore fields of the Iranian Central Oil Fields Company would be included in the gas expansion plans, Khojastehmer said.
Officials recently stated that the country's total gas production was around 950 mcm/d, including 628 mcm/d from South Pars, 252 mcm/d from other fields and 70 mcm/d in associated gas.
The figure compares to the record 1.04bn cubic metres (bcm)/d previously given as the output figure for February. Output in early 2020 was 670 mcm/d, according to officials.
Domestic gas consumption growth and export plans are causing Iran to move into the development of underdeveloped offshore reserves. Gas accounts for around 70% of fuel use in Iran. The household sector is the biggest consumer at up to 400 mcm/d, followed by power plants and petrochemical facilities.
Iran has the second largest gas reserves in the world, but faces investment capital difficulties given US sanctions that have hit its economy.
"Unfortunately, necessary investment has not been made in the oil and gas industry over the past years while we need $160 billion to respond to this area's requirements," oil minister Javad Owji was quoted as saying by Shana. "If we do not spend on development, we will turn to importers of these products in the future."
S&P Global Platts referred to a state economic committee report that said on October 3 that the total income received from the country's oil and gas condensates sales in the last Iranian year, which ended in March, was so low it equalled the income in the first six months of its current year.
Besides new drilling, Iran needs to modernise aging facilities to deal with heavy pressure falls faced by gas rigs.
Iran’s petrochemical export earnings surged 94% y/y to $7bn in the first six months of the current Persian calendar year (March 21 to September 22), NIPNA on November 11 reported the Planning director of the National Iranian Petrochemical Company (NIPC), Hassan Abbaszadeh, as saying. Abbaszadeh reportedly added that that on the present earnings trajectory, revenues might hit $14.5bn in the full Persian year (ends March 20, 2022). "We have now reached 90 million tonnes of nominal capacity installed in the petrochemical industry and we will continue to prioritise new projects," he was quoted as saying.
Iran’s plentiful gas and oil reserves mean its petrochemical industry enjoys relatively cheap feedstock.
Where US sanctions aimed at the industry are concerned, such is the sheer variety of petrochemical products and products in which petrochemicals are a component, it is far harder for American sanctions enforcers to keep track of the industry’s exports than it is in the case of, for example, crude oil.
Latest data from the Organization of the Petroleum Exporting Countries (OPEC) shows that crude oil production in Iran rose slightly in September to reach 2.5mn barrels per day (bpd).
The figures, cited by Fars news agency, also stated that oil production in Iran in September increased by 21,000 bpd, or 0.84%, compared with the August production figures.
OPEC collects its oil production data on Iran based on information provided by secondary sources.
Monthly production tables presented by the organisation this year have relayed how Iran has been able to substantially increase its oil production this year.
44 IRAN Country Report December 2021 www.intellinews.com