Iran has world third largest oil reserves

Based on the results of recent geological prospecting work, oil reserves in Iran reached 159 billion barrels, which is the third largest reserve in the world after Venezuela and Saudi Arabia, director of exploration department of the National Iranian Oil Company Hormoz Qalavand told economic conference, ForUm correspondent reports.

According to the expert, approximately $ 450 million have been allocated in 2013 for oil exploration. It is planned to drill the wells of a total depth of 23 km to explore about 400 million barrels of oil and 125 billion m3 of natural gas.

Qalavand specified that 6 land drilling rigs are used for exploration, mainly concentrated in the border areas. At the end of May, it is planned to install the offshore platform in the Arabian Gulf.

Head of the Iranian Oil, Gas,& Petrochemical Products Exporters Association Hassan Hosroudzherdi added that in view of ongoing projects, earnings of petrochemical industry in 5 years may overshadow traditional earnings of this industry. “These two industries complement each other. We pay much attention to the implementation of petrochemical projects and the construction of new refineries. If it is decided to abandon the export of raw materials, the flow of foreign funds into the state treasury may be secured by the export of petrochemical products at the level of income from the export of crude oil,” the expert noted.

Hosroudzherdi added that the private sector produced the largest share in the petrochemical industry. In addition, the development program of Iran tasks tocome out on top in the region in the production of petrochemical products, it is also planned to increase the requirements for its quality.

Iran’s crude oil, gas condensate exports hit $41.6b: oil minister

TEHRAN – Iran exported $41.6 billion worth of crude oil and gas condensate in the past Iranian calendar year, which ended on March 20, Oil Minister Bijan Namdar Zanganeh said on Wednesday.

 

Iran’s crude oil was sold at $104 per barrel on the average in the international market, the Mehr News Agency reported.

On March 12, Zanganeh said Iran’s crude oil output is forecast to increase by about 200,000 barrels per day to 4 million barrels per day, and its daily natural gas output is forecast to increase by about 100 million cubic meters per day to 400 million cubic meters per day in the current Iranian calendar year 1393, which began on March 21.

The country is currently exporting about 1.2 million barrels per day and has earmarked 1.5 million barrels of daily sales in the national budget for the year 1393, which includes 300,000 barrels of condensates.

Iran’s crude oil exports have surged to their highest in 20 months, far exceeding a 1 million barrel-per-day limit set by the West under an interim deal on limiting Tehran’s nuclear program.

The International Energy Agency’s monthly report revised February’s global crude imports from Iran upwards by 240,000 bpd to 1.65 million barrels per day, the highest since June 2012.

Under an interim deal signed in November between Iran and six world powers – known as the P5+1 – that came into effect on January 20, Iran’s exports are supposed to be held to an average 1 million bpd through July 20.

China accounted for 168,000 bpd of the rise in imports in February, India for 93,000 bpd and South Korea for 83,000 bpd.

On the other hand, Japanese imports of Iranian oil were revised lower by 103,000 bpd, according to the IEA.

“Imports of Iranian oil are running well above 2013 levels for the third consecutive month,” the report said.