News ID: 191500
Published: 0647 GMT April 25, 2017

Iran's four-year oil revenues hit $157b

Iran's four-year oil revenues hit $157b

Iran's oil revenues during the tenure of President Hassan Rouhani from March 2013 to March 2017 reached $157 billion, announced the head of Management and Planning Organization of Iran.

Mohammad Baqer Nobakht further said the revenues amounted to $251 billion from March 2009 to March 2013, which covers the second term of Mahmoud Ahmadinejad's presidency, Fars News Agency.

He pointed out that oil prices plunged from $104 to $44 per barrel in the last four years.

Before the imposition of sanctions on Iran in 2012, the country was exporting 2.5 million barrels per day (mbd) of oil and gas condensate, but the figure halved due to the sanctions.

According to OPEC's annual statistics, Iran's total revenues from oil exports in 2015 amounted to $27.3 billion, compared to $53.652 billion in 2014, about $61.923 billion in 2013 and $101.468 billion in 2012.

Iran has signed a flurry of deals with Western companies over the past year since the easing of international sanctions on Tehran after an accord was reached over its nuclear program.

Iran needs foreign investment for repairs and upgrading of its oil and gas fields. It also seeks the transfer of technology to its oil industry after a decade of sanctions.

In November 2016, France's Total became the first oil major to sign a big deal with Tehran since the lifting of sanctions and agreed to help it develop the world's largest gas field, South Pars.

Shell signed a provisional deal in December to develop Iranian oil and gas fields South Azadegan, Yadavaran and Kish in December 2016.

Iran has named 29 companies from more than a dozen countries as eligible to bid for oil and gas projects using the new, less restrictive contract model.

The firms include Shell, France's Total, Italy's Eni, Malaysia's Petronas and Russia's Gazprom and Lukoil, as well as companies from China, Austria, Japan and other countries.

Russia's Zarubezhneft signed an MoU for a feasibility study on two joint fields in the west of the country.

Norway's International Aker Solutions Company signed an MoU to modernize Iran's oil industry.

Last May, Austria's OMV signed an MoU for projects in the Zagros area in western Iran and Fars field in the south.

South Korean Daewoo Engineering and Construction (Daewoo E&C) signed an MoU to construct an oil refinery in Bandar Jask, on the southern coast of Iran.

Italy's Saipem signed MoUs to cooperate on pipeline projects, upgrading of refineries and development of Tous gas field in the northeastern province of Khorasan Razavi.

Norwegian oil and gas company DNO said it was the second Western energy company after Total to sign a deal with Iran under which it agreed to study the development of the Changuleh oilfield in western Iran.

Lukoil, Russia's second biggest oil producer, hopes to reach a decision on developing two new oilfields in Iran.

Germany's Siemens AG signed an MoU last May to overhaul equipment and facilities at Iran's oil operations and refineries.

BASF's Wintershall oil and gas exploration subsidiary signed an MoU with the National Iranian Oil Company in April 2016.

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