Wednesday 8 February 2017

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.