China's Sinopec may resume oil and gas exploration operations in Iran
Azerbaijan, Baku, Apr.13/ Trend G.Mehdi/
China's Sinopec may resume oil and gas exploration operations in Iran's desert lands, the Mehr News Agency reported.
National Iranian Oil Company and Sinopec signed a deal worth $50 million seven years ago, however operations had been halted due to environment protection reasons.
Iranian deputy oil minister Javad Oji has recently said that necessary permissions have been issued for conducting oil and gas exploration operations in the region.
In January, Iranian Oil Minister Rostam Qasemi said huge oil and gas reserves have been discovered on the country's northeastern and western borders with Turkmenistan and Iraq.
Qasemi noted that over 2 billion barrels of in-situ crude oil reserves have been discovered across the country in the past year.
In December 2012, Iran's deputy oil minister said Iran's proven crude oil and natural gas reserves are worth around $37 trillion.
The reserves include 100 billion barrels of crude oil, 94 billion barrels of condensate, and 207 billion barrels equivalent of natural gas, he explained.
Iran ranks the third globally in terms of oil reserves while having the world's second-largest natural gas reserves after Russia with 34 trillion cubic meters of natural gas reserves.