Iran self-sufficient in oil exploration: NIOC official

TEHRAN, Oct. 13 (MNA) – The deputy director of development and engineering affairs at the National Iranian Oil Company says Iran is fully self-sufficient in exploration activities.

Addressing a ceremony on Sunday to sign an exploration deal between two domestic companies, Reza Dehghan said Iran is now at a technical level that could carry out all sectors of exploration projects.

He said 75% of Iran’s gas reserves and 20% of its oil reserves have been discovered after the 1979 revolution, adding the country now ranks 4th among the countries with the largest proven oil reserves in the world with 159 billion barrels of recoverable hydrocarbons.

The country is also the world’s second-largest holder of natural gas reserves after Russia by sitting atop 34 bcm of recoverable natural gas in its reserves, Dehghan added.

“Fortunately, not only in the exploration sector but also in the development sector, domestic firms could be relied on,” he said.

The official further added that the newly-discovered Eram gas field in Fars would bring in 40 billion dollars for the country.

MNA/SHANA

News Code 151168

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