TEHRAN (Tasnim) – Managing Director of the National Iranian Oil Company’s (NIOC) Exploration Department Hormoz Qalavand said new deposits of crude oil and natural gas have been explored in Iran.
Qalavand told reporters that Iran has managed to find at least 5 new oil and gas fields.
He added that the NIOC’s exploration plans for the previous Iranian calendar year (March 21, 2013 – March 20, 2014) were fully materialized.
According to Iran’s fifth Five-Year Development Plan (2010-2015), 400 million barrels of recoverable crude oil should be discovered every year, Qalavand further noted.
Iran is estimated to hold 33.7 trillion cubic meters of natural gas and 157 billion barrels of recoverable crude oil reserves.
The country is planning to increase its oil production by an additional 1 million barrels per day in 2014.
Iran has also been trying to enhance its gas production by attracting foreign and domestic investment in its gas fields.
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