Iranian oil and gas resources too important to be ignored

As of January 2007, Iran had 136 billion barrels of oil, the second largest reserve in the world, waiting to be extracted. On top of that Iran has a strategic location in the Middle East and is close to all the important oil fields there. It is possible that Iran might block the Strait of Hormuz (55 kilometers across at its narrowest point), though which one-third of world’s oil exports pass every day, causing an oil crisis as never seen before.

On the contrary, Iran plans to increase oil production to 5 million bpd by 2009 and 7 million bpd by 2024 is expected. The giant Azadegan and Yadavaran fields, and a substantial increase in condensate production coming from gas fields, will surely help in achieving that target.

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