Iran to explore oil in Ardabil province

Iran Materials 28 January 2012 12:28 (UTC +04:00)

Azerbaijan, Baku, Jan. 28 / Trend F.Milad/

Iran will start drilling operations at the north-western Moghan, Ardabil province, oil block in the near future, an official in the National Iranian Oil Company (NIOC) stated.

In April 2008, the NIOC signed a deal, worth $141 million, with a Croatian company for carrying out exploration and development operation at the Moghan 2 block.

Iran's fifth five-year development plan (2010-2015) has envisaged boosting the country's gas production by 250 million cubic meters per day to reach 1.4 billion cubic meters per day.

Iranian Oil Minister Rostam Qasemi has announced that the country's recoverable oil reserves hit 154.8 billion barrels.

Iran ranks second on the world's largest natural gas reserves after Russia.