News

  • Iran Proven Oil Reserves beyond 711bb as of 2016

    TEHRAN, Feb. 05 (Shana) -- Iran says it holds 711.53 billion barrels of crude oil in-place of which 102.44 billion barrels are recoverable.

    Addressing a press conference, Karim Zobeidi, deputy managing director for consolidated planning at the National Iranian Oil Company (NIOC), said on Saturday that Iran has so far pumped 72.95 billion barrels of crude oil from its reserves with an average recovery rate of 24.65%.

    He further said Iran sits atop 836.47 billion barrels of hydrocarbon liquids including crude oil, liquids and gas condensate of which 157.23 billion barrels are recoverable with an average recovery rate of 28.58%.

    Zobeidi further added that new discoveries add 66 trillion cubic meters to Iran's natural gas reserves of which 33 tcm is recoverable with 69.62% recovery rate.

    He said Iran's proven reserves are estimated to hold 1,140.2 billion barrels of oil equivalent that would include crude oil, gas, liquids and gas condensate of which 345.52 billion barrels are recoverable (39.81% recovery rate).

    Iran is producing 10 to 12% of its oil output from the fields it shares with its neighbors. Meanwhile the country is producing 60% of its gas output from the supergiant South Pars Gas Field which it shares with Qatar in Persian Gulf waters.