Huge gas field discovered in northeast Iran

A huge natural gas field has been discovered in northeastern Iran, Central Oilfields Company Managing Director Mehdi Fakour has announced.
“Details of the discovery of new natural gas reserves in the region will be announced by the National Iranian Oil Company,” Fakour told the Mehr News Agency in an interview published on Friday.

He went on to say that the exploratory study of the newly discovered gas field will continue until September 2013.

According to BP’s annual statistics, Iran’s gas production (excluding flared and recycled gas) in 2011 was 153.3 billion cubic meters (some 420 million cubic meters per day), while the consumption volume was 151.8bcm in 2011, indicating a 1.5bcm negative balance.

In December, Iran’s deputy oil minister said that Iran’s proven crude oil and natural gas reserves are worth around $37 trillion.

The reserves include 100 billion barrels of crude oil, 94 billion barrels of condensates, and 207 billion barrels equivalent of natural gas, he explained.

Iran’s daily gas output is projected to hit 1.4 billion cubic meters by 2015.

Iran ranks fourth worldwide with 155 billion barrels of recoverable oil reserves, after Venezuela, Saudi Arabia, and Canada.

With 34 trillion cubic meters of natural gas reserves, Iran has the world’s second-largest natural gas reserves after Russia.