Minister: Iran's oil reserves increase by 5bln barrels
Azerbaijan, Baku, April 16 / Trend T.Jafarov /
Iran's oil reserves increased by 5 billion barrels up to 155 billion barrels and gas reserves reached 33 trillion cubic meters, Iranian Oil Minister Masoud Mirkazimi said at the 16th International Petroleum Exhibition in Tehran, the Iranian news agency MEHR reported.
Mirkazimi said the country discovered new oil and gas fields. An official statement on this issue will be made in the near future.
He said the country created the infrastructure for foreign investment in oil and gas sectors of Iran.
"About $ 20 billion should be invested in the oil, gas and petrochemical industry by 2015. Under the privatization policy, Iran is ready to transfer its enterprises' ownership to foreign investors," Mirkazimi said.
During the realization of the fifth development program, Iran will produce 700 million cubic meters of gas a day and 100 million tons of petrochemical products annually, he said.
Mirkazimi said 16th International Petroleum Exhibition in Tehran, which brings together companies from 40 countries, shows that the international sanctions against Iran are still inconclusive.
The UN Security Council adopted six resolutions against Iran to suspend the country's nuclear program. The largest energy companies, including Total, Repsol, BP andShell, terminated contracts with Iran.
The U.S. Energy Information Administration said in its reported sated April 12 that Iran's oil production decreased by 100,000 bpd to 3.7 million barrels since the second half of 2010.