Iran Ups Oil, Gas Reserves

Iran’s recoverable oil reserves including crude oil and gas condensate and recoverable gas reserves have risen to 154.58 billion barrels and 33.69 trillion cubic meters respectively during the current Iranian calendar year that comes to an end on 20th March 2012, Shana reported.

The National Iranian Oil Company (NIOC) statistics show that since beginning of the current Iranian calendar year on 21st March 2011, 833 million barrels of recoverable liquid hydrocarbon and 31.695 billion cubic feet of recoverable natural gas reserves have been found across the country.

The NIOC repaired 140 oil and natural gas wells and drilled to a combined depth of more than 1.2 million feet during the first six months of the Iranian year.

The state owned firm said country’s gas production capacity has increased by 50 million cubic meters per day during the current Iranian calendar year.

Currently 13 gas refining plants, 200 thousand kilometers of gas pipeline and 65 gas compressor stations are involved in production and offering gas services across the country, the company said.