Baku, Azerbaijan, May 8
By Emil Ilgar – Trend:
Iran has prioritized exploration of five blocks including Abadan, joint oil fields in Persian Gulf, north and south Dezful (in southwest) as well as Koppeh Dagh (or Kopet Dag) located on the border with Turkmenistan, said Seyyed Asghar Hendi, the oil minister's legal and international affairs consultant.
According to a report, released by National Iranian Oil Company’s (NIOC) official website on May 8, Hendi added that for next five years, the mentioned blocks are Iran’s priority.
He added that some $2 billion investment is needed for exploration activities in the five blocks.
Iran says it discovered 15 billion barrels of new in-place oil reserves, of which 2 billion barrels is recoverable, since Hassan Rouhani took office in mid-2013.
Iran also says that around 1.8 trillion cubic meters of in-place reserves of natural gas with 50 percent recovery rate also were discovered.
Iran’s in-situ oil reserves stand at 771.53 billion barrels, of which around 102 billion barrels would be recoverable at a rate of 24.6 percent.
Iran’s in-place reserves of natural gas stand at 55 tcm of which 33 tcm could be recovered at a rate of around 70 percent.
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