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Iran likely to discover new crude oil and natural gas reserves

Oil&Gas Materials 29 June 2014 19:11 (UTC +04:00)
Iran is likely to discover 125 billion cubic meters of natural gas and 450 million barrels of crude oil reserves

Baku, Azerbaijan, June 29
By Fatih Karimov - Trend:

Iran is likely to discover 125 billion cubic meters of natural gas and 450 million barrels of crude oil reserves, National Iranian Oil Company said on June 29.

Previously, NIOC director for exploration Hormoz Qalavand, said news hydrocarbon reserves have been found in central parts of the country.

Iran still holds the world's largest proven natural gas reserves, at 33.8 trillion cubic meters-or 18.2 percent of the world's total proven reserves-according to a BP report, up from 33.6 trillion cubic meters at the end of 2012, when it overtook Russia.

The UK oil and gas giant's "Statistical Review of World Energy" also showed that despite holding the world's largest reserves, Iran only accounted for 0.5 percent of global natural gas production, at 166.6 billion cubic meters in 2013.

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