Iran Finds New Oil, Gas Deposits

Iran has discovered new oil and gas reserves in Western and Northeastern parts of the country, Managing Director of the National Iranian Oil Company Rokneddin Javadi announced on Sunday.

He underlined that further studies should be carried out before an official announcement can be made about details of the new hydrocarbon reserve finds, reports Fars News Agency.

According to the news agency area such as Golestan, Khorassan Razavi and North Khorassan provinces as well as border regions like Qasr Shirin have potential for such hydrocarbon discoveries.

Iran is estimated to hold world’s largest natural gas reserves of over 33 trillion cubic meters.

The country is set to increase its gas processing and transfer capacity to one billion cubic meters per day from the current level of 600 million cubic meters per day, adds Fars News Agency.