Iran’s oil exports up 40% as US tanker seizure campaign fails

Iran discovers new oil, gas fields in cooperation with foreign firms

MNA – Head of exploration at National Iranian Oil Company (NIOC) said Mon. that cooperation with international companies for the exploration of oil fields is continuing, adding that new oil and gas fields have been discovered since last year, on which oil minister will give further details later.

Seyyed Saleh Hendi, head of exploration at National Iranian Oil Company (NIOC), made the remarks in a press conference on Monday afternoon, adding “we are working in three areas of exploration of new fields, new reservoirs and increasing the volume of already discovered fields and we have achieved good results in all three sectors.”

“There are about 40 oil reservoirs discovered and developed in the country, which indicates that the exploration sector is doing better than production and development,” Hendi said.

“Based on our Five-Year Development Plan, we have had good achievements in exploration of oil and gas reservoirs, so that we now rank first in terms of oil and gas reserves in the world.”

The NOIC official added that initial exploration of oil and gas fields continues over more than 60 percent of the country, but excavating wells are carried out only in the Persian Gulf region, southwest and northeast of the country.

Gas reservoirs are identified in the Oman Sea, he said, while adding that those resources are located at a depth of 800 meters below the surface, where excavation is very expensive.

Hendi added that the success rate for exploration operations stands above 60 percent.

The NOIC official added the newly re-imposed US sanctions against Iran oil sector have had no effects on exploration operations, and the projects are continuing as usual.

He further noted, on the contrary, the sanctions have led Iran to self-sufficiency in producing equipment for oil and gas production.