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NIOC: Iran sitting atop 160 billion barrels of recoverable crude oil

05 February 2019 , 14:08Neftegaz.RU592

Teheran, February 5 - Neftegaz.RU. Iranian NIOC announced the amount of recoverable reserves of the country's liquid hydrocarbons, saying Iran sits atop an estimated total of 160.12 billion barrels and its natural gas reserves stand at 33.33 trillion m3.


This makes Iran one of the world’s largest holders of crude oil, condensate and gas liquids reserves on the planet. Iran has the world's largest hydrocarbon reserves, and according to the United States Geological Survey (USGS), in terms of exploration capacity, Iran ranks 3rd in the world after Iraq and Russia.


Meanwhile, after the 1979 Islamic Revolution, a total of 65 oil and gas fields have been discovered in Iran, and the Iranian Minister of Petroleum Bijan Zangeneh recently announced that light and sweet oil was discovered in Minoo Island for the first time.


At the head of the post-Islamic discoveries is the discovery of the South Pars gas field (shared with Qatar). The offshore field is the largest joint gas field in the world; Iran has registered a maximum of 600 mcm/d of gas from the field.


The discovery of the South Azadegan oil field, the largest joint oilfield in the country, was also after the Islamic Revolution. About 100,000 barrels/day of oil are currently being recovered from the field, and it has recently been announced that the daily production of this field will increase by around 50,000 b/d by the end of the current Iranian calendar year to March 20.


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