Volume. 11934

Iran explores new oil and gas reserves
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c_330_235_16777215_0___images_stories_edim_url(2).jpgTEHRAN – New deposits of crude oil and natural gas have been explored in central parts of Iran, Hormoz Qalavand, an official at the National Iranian Oil Company said on Wednesday.

Statistics about the newly explored reserves will be officially announced by the oil minister soon, Qalavand added.

Iran is estimated to hold 33.7 trillion cubic meters of natural gas and 157 billion barrels of recoverable crude oil reserves.

Iran is planning to increase its oil production by an additional 1 million barrels per day (mb/d) in 2014. This could have significant economic consequences for global oil markets, and political ramifications for the Middle East.

According to a National Iranian Oil Company (NIOC) official, buyback agreements have attracted only $50 billion in the past 15 years. Considering that Iran has the fourth largest oil reserves and second largest reserves of natural gas in the world, the amount is relatively modest, especially when compared to other Persian Gulf countries such as Qatar, which managed to attract $200 billion over the same period.

In January, the Iranian deputy oil minister for planning affairs said Iran forecasts a big jump in its natural gas exports in the Iranian year 1394 (March 2015-March 2016).

Mansour Moazzami told IRNA that a number of prioritized gas projects will come on stream in the next Iranian calendar year 1393 (March 2014-March 2015), including five phases of the South Pars gas field development plan.
Iranian Oil Minister Bijan Namdar Zanganeh has called for allocating as capital and equipment as necessary to complete the development of the South Pars gas field in the shortest possible time.
The South Pars/North Dome field is a gas field located in the Persian Gulf. It is the world’s largest gas field and is shared by Iran and Qatar. The field’s recoverable gas reserves are estimated to be equivalent to 215 billion barrels of oil. It also holds about 16 billion barrels of recoverable condensate.
The South Pars field, which is divided into 29 phases, has about 14 trillion cubic meters of gas, or about eight percent of total world reserves.
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