Iran explores new oil and gas reserves

TEHRAN – New deposits of crude oil and natural gas have been explored in central parts of Iran, Hormoz Qalavand, an official at the National Iranian Oil Company said on Wednesday.

Statistics about the newly explored reserves will be officially announced by the oil minister soon, Qalavand added.

Iran is estimated to hold 33.7 trillion cubic meters of natural gas and 157 billion barrels of recoverable crude oil reserves.

Iran is planning to increase its oil production by an additional 1 million barrels per day (mb/d) in 2014. This could have significant economic consequences for global oil markets, and political ramifications for the …read more

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