ECONOMY


Iran confirms discovery of 15 billion barrels oil reserves at offshore gas field in Gulf

Baku, February 7, AZERTAC

Ali Kardor, the managing director of the National Iranian Oil Company (NIOC), said that they have discovered 15 billion barrels of new in-place oil reserves, but the huge investments and state-of-the-art technology will be required to exploit the reserves.

Ali Kardor also said that around 2 billion barrels of the newly-discovered reserves were 'recoverable'. Kardor added that about 1.8 trillion cubic meters (tcm) of in-situ reserves of natural gas around half of which he said were recoverable. However, he did not specify when and where the new discoveries had been made.

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