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Iran's Proven Oil Reserves to Rise by 10 Percent

Iran has an estimated 158 billion barrels of proven oil reserves, representing almost 10% of the world’s crude reserves and 13% of reserves held by OPEC
Iran shipped around 777 million barrels of crude oil last year.Iran shipped around 777 million barrels of crude oil last year.
Iran’s petroleum sector needs $200 billion in new investments, most of which are expected to come from foreign sources

Geological studies on Iranian oilfields show the country can boost proven oil reserves by at least 10% in the future, the deputy for engineering and development at the National Iranian Oil Company said.
“Fortunately, studies carried out on aged and newly-discovered oilfields indicate that we can enhance Iran’s recoverable crude reserves by at least 10% in the future,” Gholamreza Manouchehri was also quoted as saying by Shana, the Oil Ministry’s news agency, on Saturday.
The state-owned company has commissioned many domestic and international firms to study the geological characteristics of Iranian oilfields and estimate their in-place and recoverable resources.
According to the Oil & Gas Journal, Iran has an estimated 158 billion barrels of proven oil reserves, representing almost 10% of the world’s crude reserves and 13% of reserves held by the Organization of Petroleum Exporting Countries.

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