More Than 70% of Iran's Oil, Gas Reserves Unexploited

More than 70 percent of Iran's oil and gas reserves are yet to be developed, MD of National Iranian Oil Company (NIOC) Roknoddin Javadi said Sunday while addressing the Tehran conference.

“Until now, less than 30 percent of the reserves' recoverable oil and gas has been exploited or developed for production and Iran Petroleum Contract (IPC) can be seen as a favourable opportunity for utilising the existing energy potential,” he said, state owned Shana News reported. 

Javadi further said that with 345 billion oil equivalent barrels of recoverable crude oil and gas reserves, Iran possesses the world’s largest reserves.

Representatives from 152 foreign companies attended the conference in Tehran. A follow-up conference will be held in London on February 22-24.