Iran discovered oil and gas reserves valued at $552b in 1391

A file photo showing gas flare of an Iranain oil production platform

TEHRAN, Jun. 27 (MNA) – Iran discovered oil and gas reserves worth $552 billion in the Iranian calendar year 1391 (March 2012-March 2013).
According to a report issued by the National Iranian Oil Company, some $229 million was invested in oil and gas exploration projects in the previous year, IRNA reported on Wednesday.
Recoverable reserves of up to 1.891 billion barrels of crude oil and 388 billion cubic feet of natural gas were discovered.
In May, Hormoz Qalavand, the NIOC director of exploration, announced that Iran has allocated 5.5 trillion rials (about $450 million) to oil and gas exploration projects in the current Iranian calendar year.
Exploration operations are being conducted mainly in the northwestern and northeastern parts of the country, he stated.
“As part of a new government policy to boost energy production, we are currently investing $100 billion in new oil and gas exploration and production,” he added.

By Mehr News


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