Iran ramps up estimates of its oil reserves

Nov 27, 2003 01:00 AM

Tehran has ramped up its estimates of the country's oil reserves by 34 bn barrels, after revising up the amount of crude in its developed and undeveloped fields. The estimates in the recent report published by OPEC's second largest producer puts Iran's crude reserves at almost 131 bn barrels. This compares with a previous estimate of 97 bn barrels in 1999.
The estimates include both Iranian crude and condensates. Iran, whose output capacity currently stands at a little over 4 mm bpd, has pledged to push this figure up to 5 mm bpd over the next few years. Its current OPEC quota allowance stands at 3.597 mm bpd.

Several industry sources suggest Iran is vying for a bigger share of OPEC's petroleum allowance, before its neighbour Iraq rejoins the group's quota system. Julian Lee, oil specialist at the London-based Centre for Global Energy Studies, says it's normal for any oil-producing country to revise reserves and improved oil recovery, from time to time.
"Obviously reserves are subject torevision from time to time and there have been a number of discoveries (in Iran) in recent years," he says.

Hossein Kazempour Ardebili, Iran's governor to OPEC, says the new estimates also highlight the contribution that the giant onshore Azadegan oil field will make to Iran's reserves.
Believed to be the world's largest oil field, Azadegan is widely estimated to hold some 26 bn barrels of crude reserves.

Source: Dow Jones
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