16 Exploration Blocks Unveiled

16 Exploration Blocks Unveiled
16 Exploration Blocks Unveiled

Sixteen exploration blocks have been unveiled by the managing director of the National Iranian Oil Company.
“Taking into account the 10 exploration blocks that had earlier been offered, the figure has now reached 26,” Mohsen Khojastehmehr was also quoted as saying by the Oil Ministry’s news service Shana.
“About 2.5 billion barrels of oil equivalent have been added to the country’s hydrocarbon reserves in the past 20 months,” he added.
Noting that the exploration projects are strategic foundations of the oil and gas industry, the official said plans have been outlined to award the development of 16 new exploration blocks to the private sector, contractors and exploration companies.
According to Khojastehmehr, $1.5 billion have been allocated for the development of exploration blocks.
Oil experts believe that the development of oil and gas fields will secure energy supply in the future. They are of the opinion that the economy will suffer if the oil industry, the engine of economic growth, does not get the long-awaited impetus after years of underinvestment.
In the past 40 years, 73 oil and gas fields have been discovered in Iran, including 36 oilfields and 37 gas fields, 26 of them are joint fields. 
Iran’s extractable oil and gas resources stand at 154 billion barrels and 33 trillion cubic meters respectively.
Iran holds the world’s second largest natural gas reserves after Russia and the fourth-largest proven crude oil reserves. Iran holds 17% of the world's proven natural gas reserves and more than one-third of OPEC's reserves.

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