Iran Proven Hydrocarbon Reserves more 30 Billion Barrels than 2011 Estimates

Iran says its proven in-place oil and gas reserves are higher by 30 billion barrels and 128 trillion cubic feet, respectively, than 2011 estimates. Director of Exploration at the National Iranian Oil Company (NIOC) Saleh Hendi told a press conference on Monday that the country has discovered 11 new gas field, two new gas reserves, 10 oil field and 2 new oil reserves since 2011, beginning of the countrys 5th five-year development plan (2011-15).

Moreover, new drilling operations at old oil and gas fields have led to new discoveries, he said.

Under the 6th development plan, the country has risen its oil and gas reserves by 30 billion barrels and 70 trillion cubic feet, he added.