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7 rich Oilfields Explored in Iran

Source: www.gulfoilandgas.com 4/7/2009, Location: Asia

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National Iranian Oil Company's managing director announced that seven new rich oilfields with high in-situ reserves has been explored in Iran.

Seyfollah Jashnsaz said that during the past 2-3 years several comprehensive exploratory operations have been conducted on the seven areas which revealed huge in-situ deposits of crude.

"Related details will be released by the next month," he said, putting the estimated reserve of one of the oilfields at over 9 billion barrels, of which about 1 billion barrels are recoverable.

Iran is OPEC's second-largest oil producer and the fourth-largest crude oil exporter in the world. Iran has an estimated 136.2 billion barrels of proven oil reserves, or roughly 10 percent of the world's total proven petroleum. The country's current crude oil production capacity is estimated to be 3.9 million barrels per day.

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