BAKU, Azerbaijan, Dec. 24
By Elnur Baghishov - Trend:
A new oil field will be determined in Iran’s south-western Khuzestan province in accordance with the research until the end of this Iranian year (March 21, 2019 – March 21, 2020), head of the exploration department of the National Iranian Oil Company Saleh Hendi said, Trend reports referring to IRIB.
“This oil field is similar to Namavaran field, which was discovered about a month ago,” the head of the department said.
Hendi added that Iran's oil fields are divided into 12 projects and there is a possibility of oil and gas exploration in these fields.
"Five of these projects are being implemented and seven are being analyzed," the head of the department said.
“Iran will have oil and gas during the next 100 years,” Hendi added.
"Some 20 trillion rials (about $476 million) are allocated and spent on the drilling operations of offshore, onshore fields and geophysical seismological projects in Iran," the head of the department said.
In general, there are 125 oil fields and 59 gas fields in Iran. Iran's entire hydrocarbon reserves reach 836 billion barrels. By using special equipment, 239 billion barrels may be extracted.
That is, Iran can use 29 percent while 71 percent remain unused.