Offshore Industries in Iran: Key Insights
- Global Offshore Industry Growth
- Offshore industries have seen the highest investment and net profit growth in the Middle East, Brazil, and the UK in the past decade.
- According to Reestad Energy, offshore oil and gas projects worth $214 billion are expected to drive the highest industry growth in a decade.
- Offshore oil and gas sector profits are projected to increase by 16% to $15 billion in 2024 and 2025.
- Iran’s Offshore Oil & Gas Sector
- 20% of Iran’s oil production comes from offshore resources.
- The Persian Gulf’s shallow seabed makes oil and gas exploration, extraction, and transport easier than deep-sea locations like the North Sea and Gulf of Mexico.
- Iran’s offshore industry has grown significantly over the past 20 years.
- Joint Oil & Gas Fields with Neighboring Countries
- Iran shares major oil and gas reservoirs with Kuwait, Saudi Arabia, Qatar, UAE, and Oman.
- South Pars – North Dome (the world’s largest joint gas field) was developed 20 years earlier by Qatar than by Iran.
- The UAE extracts twice as much as Iran from the Salman field, and Saudi Arabia outproduces Iran in the Forozan field.
- Challenges & Development Needs
- Iran lacks sufficient domestic capacity to execute its offshore projects alone.
- The industry requires international collaboration for:
- Engineering & construction
- Procurement & supply
- Transportation & installation
- Drilling & commissioning
