Some 77 percent of gas at offshore fields in Iran recoverable

Iran Materials 29 May 2012 16:56 (UTC +04:00)

Azerbaijan, Baku, May 29/ Trend F.Milad/
About 77 percent of the gas reserves on Iran's offshore fields are recoverable, the National Iranian Oil Company's managing director said.
Ahmad Qalebani told the Shana News Agency that the figure is around 65 percent for onshore oilfields.
Some 18 percent of oil reserves of offshore fields and 27 percent of onshore fields is also recoverable, he added.
If recoverable oil reserves of Iran is increased by just one percent during the fifth five-year development plan (which ends in March 2016), the country will earn as much as six years of the national budget, Oil Minister Rostam Qasemi said on Monday.

He told the Shana News Agency on Monday that raising the recovery percentage by one percent means that extractable oil deposit will be boosted by 6 billion barrels.

The current calendar year's national budget is 5.66 quadrillion rials (approximately $461 billion.

Increasing the recovery coefficient of existing oil reserves by one percent annually will raise Iran's worth of reserves by $100 billion by March 2016, Qasemi said on May 25.

The total volume of existing crude oil reserves is estimated at around $700 billion barrels, Qasemi said, adding that just 155 billion barrels of the reserves are recoverable, the Mehr News Agency reported.