Iran and Iraq signed a memorandum of understanding on Monday to study a proposed pipeline project which will transfer crude oil from the northern Iraqi fields of Kirkuk via Iran, said a statement by Iraqi Oil Ministry.
Iran has found shale oil reserves estimated to hold two billion barrels of light crude in the western province of Lorestan, a senior official at the state-run National Iranian Oil Company (NIOC) was quoted as saying on Saturday.
Figures show that Saudi Arabia has lost a significant share of South Korea's oil market to Iran. Preliminary customs data show that Iran exported around 1.79 million tons of crude oil to Asia's fourth largest oil buyer in January.
Overall crude oil shipments of Essar Oil from Iran rose 56 percent at about 175,600 barrels per day (bpd) in the first ten months of the contract year beginning April 1, 2016, according to tanker arrival data obtained from sources and assessed by Thomson Reuters Oil Analytics.
Iran has discovered about a dozen new oilfields with in-situ reserves of 30 billion barrels since the Fifth Five-Year Development Plan (2011-2016), the National Iranian Oil Company’s exploration head said on Monday.
Iran's oil exports has reached the pre-sanctions level and its oil revenues will reach $45 billion to $50 billion in the Iranian year to March 21, 2018, if prices remain at $55 per barrel, said Iran's oil minister.