Iran recoverable crude oil and gas condensates reserves are estimated at 160 billion barrels. According to the Exploration Department of the National Iranian Oil Company, proven gas reserves are close to 33 trillion cubic meters, making it the world’s biggest natural gas reserve, Shana reported.
According to the United States Geological Survey Organization, Iran, after Iraq and Russia, ranks third in term of undiscovered reserves.
"There are 184 hydrocarbon fields in Iran, consisting of 390 reserves, of which 171 are either developed or being developed with 209 deposits yet to be tapped. The average rate of recovery from oilfields currently stands at 24.6%," Shana said.
Referring to the momentum of discovering new hydrocarbon reserves, the news agency said 70% of extracted oil and gas has been replaced with newly-discovered fields.
NIOC exploratory activities cover about 60% of the country's geographic area and the rest has never been surveyed
The report says NIOC's exploratory activities cover about 60% of the country's geographic area “and the rest has never been surveyed.”
According to Shana, more than 65 hydrocarbon reserves were discovered during the past four decades, some of which are still untapped.
NIOC recently discovered oil in the southwestern Khuzestan region for the first time at a depth of 3,570 meters.
"Iran's hydrocarbon reserves will last 155 years," Houtan Salari, a deputy at NIOC told Shana.
Referring to recent World Bank reports, he said Iran holds the fifth biggest hydrocarbon reserves in the world.
