Iran negotiating with 18 foreign companies for oil, gas exploration

Business Materials 23 September 2014 22:44 (UTC +04:00)

Baku, Azerbaijan, Sept.23

By Fatih Karimov - Trend:

Iran is negotiating with 18 foreign companies to explore new oil and gas reserves in the country.

National Iranian Oil Company's director for exploration, Hormoz Qalavand, said some of the companies have announced their readiness to implement explorations operations, Iran's IRNA news agency reported on September 22.

To date, 40 hydrocarbon blocks have been defined in the country, he said, adding that 15 blocks may be proposed to foreign companies to be explored.

Iran's oil reserves will last for another 60 years, according to Bahmani Soleimani, deputy director for exploration affairs at National Iranian Oil Company.

Bahmani also said that the country's gas reserves will also last for another 200 years, Iran's IRNA News Agency reported on Aug. 20.

"Iran is the world's top country in term of success rate of exploration," he said, adding that the success rate of Iran's explorations is around 70 percent.

"Iran even registered the unprecedented rate of 90 percent in the Iranian calendar year of 1391 (which ended March 20, 2013)," Bahmani added.

The official said Iran has secured 95 percent of the successful explorations predicted in the Fifth Five-year Socio Economic Development Plan (2011-2015).

According to the Oil & Gas Journal, as of January 2014, Iran has an estimated 157 billion barrels of proved crude oil reserves, representing nearly 10 percent of the world's crude oil reserves and 13 percent of reserves held by the Organization of the Petroleum Exporting Countries (OPEC).