Source: News Bharati English06 Feb 2017 15:01:42

Tehran, February 6: As soon as the top officials of Iran confirmed about the discovery of 15 billion barrels of new in-place oil reserves at an offshore gas field in the Gulf, the happiness of the citizens raised at the highest. Because crude oil is the source of income for Iran. 
Notably, Ali Kardor, the managing director of the National Iranian Oil Company (NIOC), said that they have discovered 15 billion barrels of new in-place oil reserves, but the huge investments and state-of-the-art technology will be required to exploit the reserves.

Ali Kardor further said that around 2 billion barrels of the newly-discovered reserves were 'recoverable'. Kardor added that about 1.8 trillion cubic meters (tcm) of in-situ reserves of natural gas around half of which he said were recoverable.  However, he did not specify when and where the new discoveries had been made.

Kardor also said that Iran's production of high-quality oil would reach four million barrels per day (mbd) before April which, he contended, could be a landmark success for the country after the sanctions that had kept production a little above 2 mbd were lifted in January 2016.

Meanwhile, NIOC Director for Corporate Planning Affairs Karim Zobeidi said the overall volume of Iran's oil reserves stood at 771.53 billion barrels, of which around 102 billion barrels would be recoverable at a rate of 24.6 percent. Zobeidi added that Iran's in-place reserves of natural gas stand at 55 tcm, of which 33 tcm could be recovered at a rate of around 70 percent.

The NIOC chief was further quoted by the Persian-language newspaper Iran as saying that a new round of tenders scheduled for the next few weeks would pave the ground for international energy companies to help develop the country's oil and gas reserves.

Notably, OPEC member Iran's proven oil reserves have risen by 9 percent to 150.31 billion barrels. Interestingly, the announcement came a week after neighbouring Iraq said it had overtaken Iran in terms of oil reserves, catapulting it to third place worldwide behind Saudi Arabia and Venezuela. Iran is under mounting international pressure over its controversial nuclear programme and Western firms have either pulled out or delayed their commitments in the vital energy sector after new sanctions were imposed on Tehran.

Importantly, Iran is an energy superpower and the Petroleum industry in Iran plays an important part in it. Iran is second largest exporter of crude oils in the whole world. Exporting of oil is the biggest occupation of Iran and country's primary source of foreign currency. Oil revenue of Iran increased to USD 100 billion in 2011 even though the country is under an extended period of U.S. sanctions. As of January 2012, Iran exports 22% of its oil to China, 14% to Japan, 13% to India, 10% to South Korea, 7% to Italy, 7% to Turkey, 6% to Spain and the remainder to France, Greece (& other European countries), Taiwan, Sri Lanka, South Africa.