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Terhran Times: Iran finds 72b barrels of oil, 168 trillion cu. f. of gas in place (*business partner of Royal Dutch Shell)

Print Date : Sunday, September 23, 2007

TEHRAN (PIN) – Exploration manager of National Iranian Oil Co. (NIOC) Saturday said the country had explored 72 billion barrels of in situ crude oil and 168 trillion cubic feet of gas in place between 1997 and 2006.

Seyyed Mahmud Mohaddes told reporters the huge volume of energy carriers was explored as 16 oilfields and 14 gas fields were spotted.

“Of the explored reserve, totally 15 billion barrels of liquid hydrocarbon, including 12 billion barrels of crude oil, and 1.3 billion barrels of gas condensates, is extractable,” said the official.

“Out of 168 trillion cubic feet of gas in place, 104 trillion cubic feet, 70 percent, is derivable,” he added.

Mohaddes said extractable crude in the country exceeded 96 billion barrels in 1997 while the figure soared to over 137 billion barrels in 2006.

The exploratory affairs manager had already announced that the studies on 40 new sites were finalized and the company would increase its rigs to eight to explore the newly identified areas.

Mohaddes told PIN, “In line with the Fourth Five-Year Development Plan, 40 spots underwent tests and were identified and we are waiting for drilling platforms.

http://www.tehrantimes.com/index_View.asp?code=153493
 
*Information added by John Donovan

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