Double cheer for Iranian crude and condensate exports

Iran’s crude and condensate exports will reach 3 million barrels per day by late March, more than double the amount exported before the relaxation of inter­national energy sanction one year ago, according to the National Iranian Oil Company (NIOC).

About 500,000 bpd is believed to be made up of condensate, leaving crude exports at about 2.5 million bpd. NIOC’s crude production, which has been rising over the past year, will reach its official target of 4 million bpd by the end of March, said NIOC managing director Ali Kardor.

Iran’s crude exports were thought to have plunged to about 1 million bpd at the height of international sanctions. Iran also exported condensates estimated at nearly 400,000 bpd, raising its overall liquids exports at the time to between 1.4 million and 1.5 million bpd.

Kardor also said Iran’s gas output has nearly doubled to 29.5 billion cubic feet per day since the start of this decade. More than half of current volumes come from the South Pars gas field, he said. Iran’s gas reserves are 33 trillion cubic metres, the second largest in the world after Russia, while its recoverable crude reserves have gone up slightly, Kardor said.

BP’s Statistical Review of World Energy estimates Iranian crude reserves at 157.8 billion barrels at the start of 2014.