Page 51 - IRANRptAug22

Oil minister says Iran to launch over 40 new projects worth $30bn by year-end
Iran’s refining capacity reaches 2.2mn bpd
If a JCPOA reinstatement, which would involve the lifting of US economic sanctions on Tehran, could be achieved, Iran would be expected to quickly pick up many more ready buyers of its crude because various countries are boycotting Russian oil shipments in response to Russia's invasion of Ukraine.
Iran’s Oil Minister Javad Owji on May 16 announced that his ministry plans to launch more than 40 projects worth $30bn by year-end.
The minister, who spoke on the sidelines of the 26th International Oil, Gas, Refining and Petrochemical Exhibition in Tehran, told reporters: “We will mainly rely on domestic companies for supplying equipment for the projects.”
He described the annual exhibition, aka the Iran Oil Show, as one of the largest and most prestigious oil and gas events in the world, saying more than 1,200 domestic and foreign companies have participated in the occasion this. A great number of contracts and memoranda of understanding (MoUs) have been signed at the exhibition, said Owji.
Also at the exhibition, the managing director of National Oil Company of Iran (NIOC) said his company was set to award the development of the Azadegan oil field to a consortium of domestic companies.
“Following the NIOC’s comprehensive programs for the development of joint fields and the maximum use of the capabilities of Iranian companies, the second phase of North Azadegan field’s development project and the ongoing project of South Azadegan will be awarded to a consortium comprised of exploration and production companies under a $7.5bn contract,” Mohsen Khojasteh-Mehr said.
“So, the final contract is not an exclusive deal and we do not intend to award the field to just one or two companies, but it will be awarded to all of them,” he added.
Meanwhile, the director of the National Iranian South Oil Company (NISOC) said his company was planning on increasing production capacity at oilfields in the south of the country to 3.3mn barrels of day (b/d), oil ministry-owned news agency Shana reported.
Alireza Daneshi put NISOC’s current oil production capacity at 3mn b/d, adding that the 300,000 b/d increase would be realised within five years.
Iran's refining capacity has reached 2.2mn barrels per day (bpd) with an increase of more than 400,000 bpd in the last decade, SHANA reported on July 4.
The Organization of Petroleum Exporting Countries (OPEC) reviewed the world's refining capacity by different countries in its annual bulletin that was published last week. According to this report, Iran's refining capacity in 2021 is equal to 2.202mn bpd, up by 1,000 barrels compared to 2020.
Iran's refining capacity in 2020 was equal to 2.201mn bpd. Iran's refining capacity has increased by more than 480,000 bpd from 2011 to 2021, according to OPEC's annual bulletin report. The Islamic Republic's refining capacity in 2011 was equal to 1.715mn bpd.
OPEC said the refining capacity of Saudi Arabia was 3.3mn bpd, Venezuela 2.2mn bpd (including capacity upgrade), the UAE 1mn bpd and Iraq 1.1mn bpd in 2021.
The refining capacity of other OPEC member countries is less than 1mn bpd.
51 IRAN Country Report August 2022 www.intellinews.com