Iran’s recoverable oil reserves increase to 157 billion barrels

Iran’s recoverable oil reserves have been increased to about 157 billion barrels up to now in the current Iranian calendar year, which ends on March 20, Iranian Oil Minister Rostam Qasemi announced here.
Some 14 billion barrels of crude oil reserves have been discovered since the beginning of the current year, of which 3 billion barrels is recoverable, ISNA quoted Qasemi as saying.

Iran has announced that it will implement 11 plans by the Iranian calendar month of Mordad 1392 (July 22-August 22, 2013) with the goal of boosting oil production by 175,000 barrels per day.

Once all the phases of the development plans are implemented, output will be increased by another 500,000 barrels per day.

Qasemi has recently said that the country’s oil output is projected to increase by 1.5 million barrels per day by 2016.

In November 2012, Iranian Offshore Oil Company Managing Director Mahmoud Zirakchianzadeh said that Iran’s National Development Fund (NDF) has allocated $1.5 billion for developing the country’s oilfields in the Persian Gulf.

According to an Iranian law, 37.5 percent of oil revenue is deposited into the NDF and is then channeled into the development of oil and gas fields and 62.5 percent of oil revenue is allocated for national budget expenditures.

Iran has the world’s fourth-largest reserves of recoverable oil, 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.