Return of Iran’s Petropars to Western oil markets

Return of Iran’s Petropars to Western oil markets

Depending on speed and depth of reversing sanctions, Iran will recover 400-500 kbbld of its potential overcapacity of 700 kbbld within two years, as Britain lifted its sanctions on Iran’ Petropars and another major oil industry company.

This additional oil will primarily come from the old giant oilfields Agha Jari, Awhaz Asmari, Gachsaran and Marun. The quality of the added oil is moderately heavy and sour with about 32 degrees API density and 2% sulphur content.

Iran ramped up rapidly to 6 MMbbld under the Shah in the 60s and early 70s. However, after the victory of the Islamic Revolution and during the years of the Iraqi Imposed War, the fields deteriorated and even with the support of European IOCs and Chinese companies, but Iran never recovered to reach more than 4 MMbbld between 2005 and 2011.

To read more visit: IRNA.

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