Zanganeh:

Iran recoverable oil reserves at 160bn barrels

TEHRAN (defapress) – Iran’s Minister of Petroleum Bijan Zanganeh said Tuesday the country’s recoverable oil stood at 160 billion barrels.

News ID: 75420

Date: 05 February 2019 - 14:19

“Although Iran’s crude oil production has dropped from 5 mb/d [in 1979] to about 4 mb/d today, the significant point is that the country’s recoverable liquid hydrocarbon reserves have increased from 88 billion to 160 billion barrels now,” he told a press conference, Shana reported.

He said that more than 50 billion barrels of oil had been recovered in the past four years.

Zanganeh also said Iran’s recoverable gas deposits had grown to 33 tcf from 9 tcf over the past four decades.

“There was almost no gas industry before the [1979 Islamic] Revolution and only 36 mcm/d was processed at the Bidboland refinery. Today, this figure has been multiplied by 1,060,” the minister said.

Zanganeh also noted that Iran’s gas condensate production had reached 750,000 b/d from nothing in 1979.

The minister also touched on the petrochemical sector, saying Iran was selling more than 30 million tonnes a year of petrochemical products, which is valued at $17 billion.

Iran has outdone Qatar in recovery from the giant offshore South Pars gas field and has surpassed Iraq in production from jointly owned oil reservoirs, maintained the oil minister.

He said that production from the jointly owned oil fields in West Karoun would reach 350,000 b/d in March, up from 70,000 b/d in 2013.

Zanganeh said that an oil terminal would become operational in Jask for export outside the Persian Gulf region by March 2021.

The minister also boasted that Iran’s gasoline production had risen from 52 ml/d five years ago to 105 ml/d now.

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