Iran discovers new natural gas reserves

Photo: Iran discovers new natural gas reserves / Economy news

Azerbaijan, Baku, Jan. 18 /Trend S.Isayev, T. Jafarov/

Iran has discovered new reserves of natural gas, Iranian Central Oilfields Company Managing Director Mehdi Fakour said, Mehr reported.

Without revealing any details, Fakour noted, that the reserves were discovered in North-East of Iran.

He added that until September 2013, Iran will continue the exploration study of the newly discovered resources.

According to BP's annual statistics, Iran's gas production (excluding flared and recycled gas) in 2011 was 153.3bcm (some 420 mcm/d), while the consumption volume was 151.8bcm in 2011, indicating a 1.5bcm negative balance.

Deputy Oil Minister of Iran has said in December that the existing crude oil and natural gas reserves in Iran are worth around $37 trillion.

The reserves include 100 billion barrels of crude oil, 94 billion barrels of condensates, and 207 billion barrels equivalent of natural gas, he said back then.

Iran's daily gas output has been projected to reach 1.4 billion cubic meters by 2015.

Iran holds world's second place after Russia in having the largest natural gas reserves in the world.

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