section_path: Economy/Energy
section_name: Energy
paragraph_text: Energy
  
  Iran is an energy superpower and petroleum plays a key part. As of 2023, Iran produced 4% of the world's crude oil (3.6 million barrels (570,000 m) per day), which generates US$36bn of export revenue and is the main source of foreign currency. Oil and gas reserves are estimated at 1.2 trn barrels; Iran holds 10% of world oil reserves and 15% for gas. It ranks 3rd in oil reserves and is OPEC 's 2nd largest exporter. It has the 2nd largest gas reserves, and 3rd largest natural gas production. In 2019, Iran discovered a southern oil field of 50 bn barrels and in April 2024, the NIOC discovered 10 giant shale oil deposits, totalling 2.6 bn barrels. Iran plans to invest $500 billion in oil by 2025.
  
  Iran manufactures 60–70% of its industrial equipment domestically, including turbines, pumps, catalysts, refineries, oil tankers, drilling rigs, offshore platforms, towers, pipes, and exploration instruments. The addition of new hydroelectric stations and streamlining of conventional coal and oil-fired stations increased installed capacity to 33 GW; about 75% was based on natural gas, 18% on oil, and 7% on hydroelectric power. In 2004, Iran opened its first wind-powered and geothermal plants, and the first solar thermal plant began in 2009. Iran is the world's third country to develop GTL technology.
  
  Demographic trends and intensified industrialization have caused electric power demand to grow by 8% per year. The government's goal of 53 GW of installed capacity by 2010 is to be reached by bringing on line new gas-fired plants, and adding hydropower and nuclear generation capacity. Iran's first nuclear power plant went online in 2011.