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Iran's Crude Reserves Up By 9 Percent

Source: Press TV

Iranian OPEC Governor Mohammad Ali Khatibi has announced that the crude oil reserves of the country have increased more than 9 percent to 150 billion barrels.

Khatibi said on Tuesday that considering the new oil and gas discoveries, Iran's crude oil reserves have risen to 150 billion barrels of oil, Iran's oil ministry's official website Shana reported.

The Iranian official noted that the figure represents a 9.5 percent increase from the previous reserve level of 137 billion barrels of crude oil estimated to exist in Iran's basin.

Khatibi further pointed out that Iran will maintain a daily oil production level of around 4.2 million barrels, so the proven reserves of the country will last at least another 98 years.

Iran took over at the rotating presidency of OPEC this year for the first time in the past 36 years. The Organization of the Petroleum Exporting Countries (OPEC) is a permanent intergovernmental organization of 12 oil-exporting developing nations also including Algeria, Angola, Ecuador, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates and Venezuela.

Earlier on Sunday, Iranian Oil Minister Massoud Mirkazemi announced that a new gas field worth more than $50 billion with in-place reserves of 260 billion cubic meters of natural gas was discovered in eastern part of the port city of Assaluyeh in southern Iran.

Khayyam gas field also has some proven reserves of 220 million barrels of gas condensates, the minister added.

Iran discovered 13 new oil and gas fields with in-place reserves of 14 billion barrels of oil and 45 trillion cubic feet of natural gas from August 2009 to August 2010, a report published by Iran's Oil Ministry said in August 2010.

Iran is ranked third in terms of proven oil reserves and is OPEC's second-largest oil producer after Saudi Arabia. In 2009, Iran's crude production stood approximately at 3.8 million barrels per day. The Persian Gulf country sits on the world's second largest gas reserves after Russia.

... Payvand News - 01/19/11 ... --

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