Iran discovers new oil shale and hydrate gas reserve in Caspian Sea

Oil&Gas Materials 26 September 2011 16:57

Azerbaijan, Baku, Sept. 26/ Trend A. Qurbanova/

Iran discovered new oil shale and hydrate gas reserve in Caspian Sea and Oman Sea. The National Iranian Oil Company aims at implementing vast exploratory operations in these areas, Pananews quoted Managing Director of Iranian Offshore Oil Company Mahmoud Zirakchian as saying.

"At present, the primary studies point to oil shale and hydrate gas reserves in Caspian Sea and Oman Sea," he added. "The National Iranian Oil Company agenda includes the discovery of the precise volume of the reserves."

He stressed that it is possible that Iran will start production from new gas reserves in these areas in future. Iran requires $50 billion investment to develop offshore oil and gas fields.

Iran plans to produce 38 billion cubic feet of gas from the Persian Gulf reserves daily. The new gas reserves increased the country's gas reserves to 164 trillion cubic feet of gas and 96 billion barrels of oil.

About 60 percent of world gas reserves and 40 percent of crude oil reserve located in Persian Gulf waters.

Iran has OPEC's second-highest oil output, and ranks second in the world in terms of natural gas reserves after Russia.