Iran to explore oil in northwestern Moghan oil block

January 28, 2012
Iran will start drilling operations at the northwestern Moghan oil block in the near future, an official with the National Iranian Oil Company (NIOC) stated.
 
In April 2008, the NIOC signed a deal, worth $141 million, with a Croatian company for carrying out exploration and development operation at the Moghan 2 block.
 
Iran’s fifth five-year development plan (2010-2015) has envisaged boosting the country’s gas production by 250 million cubic meters per day to reach 1.4 billion cubic meters per day.
 
Iranian Oil Minister Rostam Qasemi has announced the country’s recoverable oil reserves stands at 154.8 billion barrels.
 
Iran sits on the world's second largest natural gas reserves after Russia.