Iran discovers huge light oil reserve
Azerbaijan, Baku, April 18 / Trend D.Khatinoglu/
Iran discovered a huge light oil reserve in western Khuzestan Province, Iranian Oil Ministry official told Mehr News Agency.
The official did not mention further details, but said that Oil Minister Rostam Qasemi will provide detailed information about the discovered reserve soon.
The National Iranian Oil Company (NIOC) Director for Exploration, Mahmoud Mohaddes announced about discovery of considerable in-place crude reserves last December, but didn't provide more details.
According to Mehr News Agency (MNA), Iran earlier discovered another oil filed in Ilam Province as well.
Oil Ministry official told MNA that an exploration well has been drilled and the results indicate the existence of huge light crude reserve there.
Iran says its proved oil reserves reached 155 billion barrels and it is planned to discover 2.5 billion barrels of oil annually. Iran says its oil reserves will keep productivity by 80 years.
According to OPEC statistics, Iran produced daily 3.424 million barrels oil in March. Most of Iran's oil fields are in their second half-life and according to officials' statements, production level from existing producing oil wells decreases by 300,000 barrels annually.
According to OPEC, Iran's oil output has declined from 4.055 mbpd in 2010 to 3.424 mbpd so far.