Iran’s proven oil reserves have increased by one billion barrels as new studies correct estimates about the reserves of Iran’s Abuzar oilfield in the Persian Gulf.

“Recent analysis at Abuzar oil field has increased estimates about its reserves in place to 4 billion barrels,” Seifollah Jashnsaz, director of the National Iranian Oil Co. (NIOC), told Iranian Oil Ministry website SHANA.
He added that the production capacity at Abuzar oilfield will increase by seven thousand barrels a day to reach 157,000 b/d.
“A new drilling rig is to be installed in the Kharg island area to boost the production capacity of Abuzar oilfield,” he said.
Earlier in August, Iran discovered more than 8.8 billion barrels of oil in four layers of reserves in the country’s southwestern Susangerd oil field.
Iran ranks third in the world in terms of proven petroleum reserves with more than 140 billion barrels, behind Saudi Arabia and Canada. It is the second-largest oil producer in the Organization of Petroleum Exporting Countries (OPEC).
This is roughly 10% of the world’s total proven oil reserves. As of 2006 Iran was producing an estimated 3.8 million barrels per day of crude oil, equal to 5% of global production.
(Source: Press TV)