Sitting on a deep reservoir of black gold, Iran shares its oil with the world through the government-owned National Iranian Oil Company (NIOC). NIOC produces more than 4.2 million barrels of crude oil per day from its 137 billion barrels of in-place reserves. It also has natural gas in-place reserves of more than 28.2 trillion cu. meters. Iran has had little exploration activity during the past 30 years, but that is changing as firms from several countries (including France, Italy, Malaysia, and the UK) have ignored US government sanctions to sign development agreements.
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