Iran raises explored oil reserves by four times

Jul 25, 2001 02:00 AM

The Director of the Exploration Department of the NIOC, Mahmoud Mohaddes, says the oil reserves explored in Iran over the past four years is four times higher than that explored during 1978-1998. According to Mohaddes, the total amount of oil reserves explored on the spot rose to more than 40 bn barrels over the past four years from 10 bn barrels in the 1978-1998 period. He says Rls 637 bn ($ 365.8 mm) was spent on oil exploration operations last year, and Rls 600 bn in credit has been allocated for exploration this year.

A comprehensive plan was drawn up last year for the exploration and evaluation projects, and on the same basis, nationwide exploration operations in the Third Five-Year Economic Development Plan (2000-05) have been specified. Last year, two oil fields of Towsan and Arash were explored. In 2000, seismographic studies were launched in an area exceeding 60,000 sq km in the Persian Gulf and the Sea of Oman (15,000 km of the areas undergoing such operations are located in the Oman sea). Explorations were carried out in four areas in Towsan field, and 400 mm barrels of oil were explored on the spot in Towsan, and 25 % of the total can be explored from the field in Ilam in western Iran.

There are oil and gas reserves in two more zones, namely Gadovan and Fahlian. Drilling operations resumed in the Karanj gas field in 1999 and it is estimated that there will be 1.885 tcf of gas on the spot. Each oil well in Karanj field can yield 35 mm cf of gas and 1,200 bpd of liquefied gas. The fields have the capacity to produce 150 mm cf of gas and 5,000 bpd of liquefied gas.
Iran's Azadegan oil field is estimated to have 26 bn barrels of oil reserves on the spot. But recent studies point to higher figures, Mohaddes points out. Six oil and eight gas reserves have been discovered since 1997. The total amount of hydrocarbon reserves on the spot exceeded 41.5 bn barrels in the four years under study, and the total amount of gas reserves explored in the period stands at 42.73 tcf.

Source: Asia Times Online Co., Ltd.
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