Iran Has Discovered 14 billion BOE This Year

Iran has discovered about 14 billion barrels of oil equivalent during the first nine months of the year which began on March 20, 2012.

Deputy minister of petroleum for planning and supervision on hydrocarbon resources said the county owns 330 hydrocarbon reservoirs that should be managed by deploying new techniques and scientific methods amid having in mind an evolution in oil industry through enforcing new techniques of enhancing oil recovery, Shana news agency reported.

Stressing on necessity of institutionalizing using scientific models for preserving oil and gas reserves in the country, Mohesen Khojasteh-Mehr said all the oil and gas fields of the county should have an especial identification for enhancing recovery adding the 85 years old techniques need revision.

Over the fifth five year development plan, 57 oil fields have development plan and are authorized for investment, a positive point that will spur growth and development in Iran’s oil industry, the official said.

He referred to drafting a 20-year exploration plan stating exploration programs have made progress by 300 percent, ahead of targets of five year development plan.