New discoveries may improve Iran rank in holding oil reserves

Shana — New crude oil discoveries in the Persian Gulf may bring Iran’s rank among holders of the biggest oil and gas reserves in the world, a senior energy official said.

Managing director of Fuel Conservation Company of Iran Ali Vakili said a golden triangle of oil deposits has been recently discovered in the Persian Gulf which will most probably improve the country’s rank in holding oil reserves in the world.

Addressing an oil conference at the Research Center of Petroleum Industry (RIPI) on Saturday, the official said Iran sits atop the world’s 4th largest oil reserves which may become even bigger with new discoveries.

He also said most of Iran’s oil fields are in their second half-life which means enhanced oil recovery methods must be adopted for pumping more oil from the reserves.

Vakili said an investment of nearly $200b is needed for developing oil and gas fields in Iran, adding absorbing such amounts would be a serious challenge for the country in the future.