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Iran Oil Reserves Jump to 138 Billion Barrels: Oil Minister

Press TV - Iranian oil minister says his country's proven oil reserves have grown dramatically over the past year and now stand at 138 billion barrels.

Iran, OPEC's second largest oil producer, plans to open some of its oil and gas fields to foreign investment to help boost output by 2015 to 5.3 million barrels per day, from the current 4.2 million barrels per day.

"The amount of Iran's oil reserves have increased from 90 billion barrels to 138 billion barrels," Gholam-Hossein Nozari said in Vienna on Thursday, explaining that exploration had been carried out without the involvement of any foreign country.

"[Iran] has made new discoveries in the past two, three years," Seifollah Jashnsaz, managing director of the National Iranian Oil Company (NIOC), said. "Many oil and gas fields are in line for development."

There were 10 international oil and gas tenders that close with the end of the current Iranian calendar year, March 20, 2009, Jashnsaz said.

... Payvand News - 03/20/09 ... --

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