TEHRAN – The first crude oil transaction at Iran Energy Exchange took place on Sunday.
Two private refiners bought 2,920 barrels of crude oil at 3.06 million rials (about $122) per barrel, IRNA reported.
The National Iranian Oil Company, which is the exclusive seller of Iranian crude oil, offered the crude oil consignment on the exchange.
The proposal to trade oil at bourse was first raised in 2000. However, this happened on Sunday.
Increase in oil, gas production
Iran forecasts an increase in its crude oil and natural gas production in Iranian calendar year 1393, which begins on March 21.
In March, Oil Minister Bijan Namdar Zanganeh said Iran’s crude oil output is forecast to increase by about 200,000 barrels per day to 4 million barrels per day, and its daily natural gas output is forecast to increase by about 100 million cubic meters per day to 400 million cubic meters per day.
Iran is estimated to hold 33.7 trillion cubic meters of natural gas and 157 billion barrels of recoverable crude oil reserves.
In June 2013 Asharq Al-Awsat newspaper carried a report saying that British oil giant BP has reduced its estimates of global gas reserves for the first time in decades, and has moved Iran to the head of the list of states with the largest reserves of natural gas.
It ranked Iran as first in the world in terms of natural gas reserves, with 33.6 trillion cubic meters, replacing Russia as the country with the largest reserves.
The company reduced its estimates for Russia from 44.6 trillion cubic meters to 32.9 trillion cubic meters, and said total global reserves stood at 187.3 trillion at the end of 2012.
BP chief economist Christof Ruehl explained that the company had decided to adjust its estimates for gas reserves in this year’s report because the countries of the former Soviet Union had different criteria for reporting reserves than used elsewhere, producing a new ranking when converted.
The BP report also upgraded Iran and Iraq’s ranking in oil reserves by several billion barrels, calculating that world reserves will stand at 1.66 billion barrels at the end of the current year, a small increase over last year’s total of 1.65 billion barrels.
In recent years, Iran has taken steps to boost gas production in an attempt to attract local and foreign investors, especially in the South Pars Gas Field.
The South Pars Gas Field is part of a large field jointly owned with Qatar. The larger part of the field covers 9,700 square feet, 3,700 of which is in Qatari territorial waters.