Iran hits new records in oil, gas reserves

The head of NIOC Oil and Gas Exploration has said Iran will announce new explorations of oil and gas reserves.
Hormoz Ghalavand, who was speaking to Mehr News about the latest development in oil and gas explorations, told that recently evidence had indicated new oil and natural gas reserves in Zagros ranges and Iran’s central regions. “Since the beginning of the current year, we had registered some great oil and gas explorations,” he added.

“The results of the explorations have been communicated with the Oil Ministry and the minister will announce officially the new explorations to the public,” Ghalavand said.

He also told Mehr News that Iran had been using new exploration methods. “The evidence shows that Zagros mountainous regions and central parts of Iran have acceptable potentials for new oil and gas reserves,” he said.

“With such evidence, exploration of these hydrocarbure reserves will be soon in the agenda for explorations office,” he believed.

Oil Ministry international deputy reported that Iran had the greatest natural gas reserves in the world with 33.6 trillion cubic meters of natural gas equivalent to 234 billion barrels of crude.

Iran’s total oil and gas reserves are estimated to be 400 billion barrels, effectively making Iran the world number one in gas reserves.

The latest Oil Ministry official report gave Iran’s extractable reserves of natural gas as 33.7 trillion cubic meters and oil reserves as 157 billion barrels.