Hydrocarbon Reserves Up 1b Barrels

Hydrocarbon Reserves Up 1b Barrels Hydrocarbon Reserves Up 1b Barrels

Recent data show that the volume of Iran’s hydrocarbon reserves, consisting of crude oil and natural gas condensates, has risen by about 1 billion barrels compared to the year ending March 2014.

Karim Zobeidi, National Iranian Oil Company's deputy managing director for consolidated planning, said this indicates a significant growth in reserves and a desirable progress in this sector.

Asked about the volume of reserves, Zobeidi noted that only the oil minister and the NIOC’s CEO announce the figure and the details, but studies show a 1-billion-barrel increase, ISNA reported.

The official said the most important reasons for this increase were updating of studies and explorations.

 According to Zobeidi, NIOC’s plans for the post-sanctions era call for attracting more foreign investment in oil and gas sectors while paving the way for localization of new technologies.

Iran and six major world powers reached a landmark nuclear deal on July 14, clearing the way for an easing of international sanctions on Tehran and higher oil exports.

Oil Minister Bijan Namdar Zanganeh had earlier stated that the oil industry requires $200 billion in investment, which cannot be provided domestically.

Zobeidi hoped that seizing the opportunities ahead, prominent companies from our country will soon act internationally in oil and gas sectors.

With 34 trillion cubic meters of gas, Iran holds the largest gas reserve in the world followed by Russia (31.3 tcm), Qatar (17.5 tcm) and the United States (9.3 tcm).

The country’s oil resources stand at 158 billion barrels, which is slightly over 9% of oil reserves worldwide and 19% in the Middle East.

Data show that Iran possesses the largest hydrocarbon reserves, although explorations for new resources are underway and new reserves are discovered each year.