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Page added on July 6, 2013
NIOC Finds $550 Billion Worth of Oil, Gas Reserves in One Year
The National Iranian Oil Company (NIOC) announced that it discovered 552.5 billion dollars of oil and gas reserves last year, while it spent only 229 million dollars for exploration operations.
The NIOC announced it explored oil and gas reserves in a number of blocks last year and managed to find 1.891 billion barrels of oil and 388 billion cubic feet of recoverable gas reserves.
Director of the exploration department at the NIOC said recently that in order to accelerate exploration, it has divided the country into 96 exploratory blocks.
Discovery of Zakin formation was one of the most important exploratory achievements of the company over the last Iranian calendar year to March 2013.
A year earlier, the company had succeeded to find 8.195 million barrels of equivalent oil and gas condensate and 846.2 billion cubic meters of gas. Discovery of six oil and gas reservoirs including Khayyam, Medar, Delavaran, Farzad A, Yadavaran and Sardar Jangal were among the main breakthroughs during the Iranian calendar year ended 20 March 2012.
4 Comments on "NIOC Finds $550 Billion Worth of Oil, Gas Reserves in One Year"
James A. Hellams on Sat, 6th Jul 2013 5:01 pm
The worldwide consumption of oil is now 33 BILLION barrels annually.
To replace the oil consumption with natural gas, you would need to produce 191.4 QUADRILLION cubic feet of natural gas every year. This is 33 billion barrels; times the 5,800 cubic feet of natural gas equivalent for one barrel of oil.
ronpatterson on Sat, 6th Jul 2013 6:01 pm
Wait a cotton picking minute here. Iran claimed to have 154.6 billion barrels of proven crude oil reserves. At current production of about 1 billion barrels per year they already had enough to last 150 years without spending a penny on exploration. Yet they spent 229 million dollars to find another 1.891 billion barrels?
And notice how they have pegged this new discovery down to the exact one million barrels, 1,891 million barrels. That should bring their proven reserves up to 156.491 billion barrels.
Those proven reserves were as of 2011. But OPEC reserves never go down, they always go up… and up… and up…
BillT on Sun, 7th Jul 2013 5:20 am
And your point ron? No one knows how much oil is actually out there, but everyone knows that Iran has a lot of what is left. They also know that it is not controlled by the West … yet.
Rocktapper on Sun, 7th Jul 2013 7:45 am
Manipulation of reserves figures for various reasons has been going on for decades. Even large oil companies do it – Remember Shell a few years back. It does look suspect… but if you wiggle the definition of what the proven and proved reserves are then you can get something different…. alter recovery factors then get another figure or just pull figures out of thin air… somehow i dont think we can fully audit the Iranian figures somehow do you? the proof is in the production…. lets see how that goes.