Tuesday, 12 October 2010

Iran discovers more oil and gas reserves

The Iranian government has spent the last six months reassessing the country's oil reserves. Speaking to the media Iran's Oil Minister said that Iran has discovered more oil in the southern part of the country. The latest discoveries bring Iranian oil reserves to approximately 150 billion barrels.

The oil minister, Masoud Mirkazemi, told state media on Monday [11th October] that the new gas reserve in Hormozgan province, contains over 70 billion cubic metres of gas, 72 per cent of which is extractible.

“Over the course of the past six months, the country's oil and gas reserves have been reassessed… and according to the latest studies, the country's oil reserves have reached some 150.31 billion barrels,” said Mirkazemi.

He added that further exploration efforts are underway and that Iran expects to find more oil and gas by the end of the Iranian year, in March 2011. Iran has one of the largest non-renewable hydrocarbon reserves combined with its oil and gas reserves, with current oil production exceeding 3.8 million b/d.

Source: Hamsayeh

For more news and expert analysis about Iran, please see Iran Strategic Focus.

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