Iran holds nearly 10% of the world’s crude oil reserves and 13% of OPEC reserves. About 70% of Iran’s crude oil reserves are located onshore, with the remainder mostly located offshore in the Persian Gulf. Iran also holds proved reserves in the Caspian Sea, although exploration has been halted.
Iran is the second-largest proved natural gas reserve holder in the world, behind Russia. Iran holds 17% of the world’s proved natural gas reserves and more than one third of OPEC’s reserves. Iran’s largest natural gas field, South Pars, is estimated to hold roughly 40% of Iran’s gas reserves. However, the vast majority of Iran’s gas reserves are undeveloped.
The National Petrochemical Company (NPC), a subsidiary to the Iranian Petroleum Ministry is the, main administrator of the entire petrochemical sector. Founded in 1964, NPC began its activities by operating a small fertilizer plant in Shiraz. Today, NPC is the second largest producer and exporter of petrochemicals in the Middle East.