Iran announces new oil and gas discoveries

Iran has discovered 15 billion barrels of oil, the managing director of the National Iranian Oil Company, Ali Kardor, said, noting that a projected 2 billion barrels were recoverable.

He also said 1.8 tcm (63.6 tcf) of natural gas had been discovered, with around half of this recoverable.

Kardor noted that the new reserves would require advanced technology for exploitation, local media reports.

The NOC head also projected that Iran’s oil output would reach 4 million bopd by April. The government committed to a cap of around 3.8 million bopd for H1 2017 averages in late 2016, but has continued to drive up production in the early months of the year.