Oct 13, 2019, 2:50 PM
Journalist ID: 1842
News Code: 83515531
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Iran's new discovery increases value of natural gas reserves by $40b

Tehran, Oct 13, IRNA – The deputy managing director of the National Iranian Oil Company (NIOC) for Development and Engineering Affairs said on Sunday that the newly-found natural gas field holds about 19,000 billion cubic feet of gas and 385 million barrels of oil which are worth about 40 billion dollars.

The national wealth of oil and gas relies on knowledge and Iran is self-sufficient in that area, said Reza Dehghan.

Dehghan said that about 75% of hydrocarbon exploration and 20% of the country's oil exploration have taken place over the past 40 years, adding that Iran stands fourth in oil (with 159 billion barrels) and second in natural gas (with 34 trillion cubic meters) in the world.

Saying that Iran collectively stands first in the world in hydrocarbon resources, he added that there are a lot of hydrocarbon resources in Iran yet to be discovered.

He said the operation in Eram Natural Gas Field, located 200 kilometers out of Shiraz, Fars Province, southern Iran, started last summer and finished after nine months of work.

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