Iran finds 40 new oil and gas reserves

Iran is now ranked first in the world for oil and gas reserves, head of exploration at the National Iranian Oil Company (NIOC) Seyyed Saleh Hendi said.    

"A few years ago, we were begging to foreign and even Chinese companies for the purchase of some drilling equipment, but we have now become self-sufficient for them. After the enactment of the new US sanctions against Iran, no problem has arisen and our exploration plans have not changed," PressTV cited him as saying.  

The head of exploration at NIOC said 35-40 new hydrocarbon reservoirs have been discovered across Iran, which need development.

According to Hendi, Iran is currently scouring 60% of its total area for new oil and gas reserves, including in places which were deemed until recently the least likely to have hydrocarbon-bearing formations. "Our preliminary studies show that hydrocarbon resources are likely to be found in the Bostanabad and Miyaneh regions of East Azarbaijan Province. We will soon begin the detailed operational work to further examine these two areas," he said.

The head of exploration also said that an exploration block with a proven hydrocarbon system has already been found to the north in an area known as the Moghan basin in Ardabil Province. In the Sea of Oman, Iran struck gas at a depth of 800 meters. Hendi said drilling of exploration blocks is currently limited to the Persian Gulf and the country’s southwest and northeast.