Sinopec’s Iran Oil Block Fails to Yield Enough Reserves

China’s fourth oil exploration well in the Zavareh-Kashan area has failed to find sufficient reserves to declare the field economically viable, the Iranian oil ministry’s press agency reported…

Iran, holder of the world’s second- largest oil and gas reserves, is struggling to compensate through new discoveries for the depletion of its older oil fields. Iran needs to add between 300,000 barrels and 400,000 barrels of new daily oil output each year.

Oil output currently stands at 3.8 million barrels a day, or 7.5 percent below its 4.11 million quota within the Organization of Petroleum Exporting Countries.
The Standard