Less than 30% of Iran’s oil and gas reserves developed

Less than 30 percent of Iran’s recoverable oil and gas reserves have been developed so far, said Rokneddin Javadi, the managing director of the National Iranian Oil Company.

Referring to 345 billion barrels equivalent of recoverable oil and gas in the country, he said Iran is the holder of largest oil and gas reserves in the world.

He made the remarks addressing a conference to unveil Iran’s new model of oil contracts, known as Iran Petroleum Contract (IPC), which opened today in Tehran. 

The IPC can be a welcome opportunity for utilizing the existing capacities, Shana news agency quoted Javadi as saying on November 28.

“Our recoverable oil reserve is about 158 billion barrels, accounting for ten percent of the world’s total reserves.”

“Regarding gas, the situation is much better, so that Iran holds 34 trillion cubic meters of gas, accounting for 18 percent of the world’s total reserves.”

“The country’s gas production is planned to rise to 1.4 billion cubic meters from currently 750 million cubic meters by the end of the fifth five-year development plan (2021). Meanwhile, oil production will reach 4.7 million barrels per day, a 700,000bpd rise compared to the current capacity.”

By the end of the sixth five-year development plan (2025), some 650 oil platforms should be launched and 300 wells should be drilled, he noted.