Iran reaps $7.9b from oil & condensate

TEHRAN August 17 (Shana)–Iran’s Petroleum Ministry has earned 7.9 billion dollars from exporting oil and gas condensate during the first four months of the current calendar year which started on March 21, an MP said.

 Hossein-Ali Haji Deligani said the ministry also received 13 billion dollars in delayed payments for oil and gas condensate exports in the last calendar year.

Iran’s oil production increased by 11 percent in the first four months of the current Iranian year. The country is expected to raise its oil production by 700,000 b/d within the next three years.

Iran’s total in-place oil reserves have been estimated at more than 560 billion barrels, with about 140 billion barrels of recoverable oil.

Heavy and extra heavy varieties of crude oil account for roughly 70-100 billion barrels of the total reserves.



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