Newly-discovered Namavaran Oilfield contains 53bn barrels of oil

reporter 1222 — Mon, 11 Nov 2019 09:02:10 +0000

TEHRAN (Iran News) – Iranian Oil Bijan Namdar Zanganeh said the newly-discovered oilfield in Khuzestan, named Namavaran, has an estimated 53 billion barrels of in-place oil.

Addressing reporters on Monday, the minister said the new discovery had added 22 billion barrels of crude oil to previous estimates of newly-discovered Namavaran oilfield, which stood at 31 billion barrels.

He said the field now is estimated to hold 53 billion barrels of crude oil in place and there is a possibility of its southward continuation.

Assuming a 10% recovery rate in the field, 2.2 billion barrels of crude oil have been added to the country’s crude oil production capacity, he said.

This is the second-largest oilfield discovered in Iran following the Asmari Oil Layer in Gachsaran with 54 billion barrels of oil in place.

Proved oil reserves in Iran, according to its government, rank fourth largest in the world at approximately as of 2013, although it ranks third if Canadian reserves of unconventional oil are excluded. This is roughly 10% of the world’s total proven petroleum reserves. At 2006 rates of production, Iran’s oil reserves would last 98 years if no new oil was found.

In addition to the large reserves, Iran still has huge potential for new significant gas discoveries: areas like Caspian Sea, North East, Central Kavir and especially areas starting from Aghar and Dalan gas fields in Fars province up to the Strait of Hormuz and Central Persian Gulf have considerable amount of undiscovered gas resources. According to the Exploration Directorate of NIOC, there are about 150 unexplored anticlines in Iran.

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Efforts to Block Iran’s Oil Industry Failed, Zanganeh Says

reporter 1222 — Sun, 20 Oct 2019 09:38:09 +0000

TEHRAN (Iran News) – Iranian Oil Minister Bijan Namdar Zanganeh highlighted the ineffectiveness of US sanctions against the Islamic Republic’s oil sector and said attempts aimed at blocking Iran’s oil industry have gotten nowhere.

“A lot of efforts were made to halt the development of Iran’s oil industry under the conditions of sanctions,” Iran News quotes what Zanganeh told Tasnim.

“However, not only hasn’t the development of our country’s oil industry stopped but we are witnessing an increase in the number of signed contracts, the launch of projects, and implementation and operation of numerous projects in the country’s oil and gas industry,” he said.

“Oil and gas exploration continues across Iran, and whenever new discoveries yield results, the public will be informed… about the increase of the country’s oil and gas reserves,” the oil minister went on to say.

Last Sunday, the deputy head of the National Iranian Oil Company (NIOC) announced that a massive gas field has been discovered south of the country.

Speaking to reporters in Tehran, Reza Dehqan said the huge gas field named “Eram” has been discovered in the southern province of Fars.

He added that the field, with a reserve capacity of 19 trillion cubic feet of natural gas in place, is located in southern parts of the province.

Iranian officials have said the country is pressing ahead with its energy development plans despite severe US sanctions that seek to cripple the country’s economy.

The post Efforts to Block Iran’s Oil Industry Failed, Zanganeh Says appeared first on Iran News Daily.

Zangane Archives - Iran News Daily

Newly-discovered Namavaran Oilfield contains 53bn barrels of oil

Efforts to Block Iran’s Oil Industry Failed, Zanganeh Says

TEHRAN (Iran News) – Iranian Oil Minister Bijan Namdar Zanganeh highlighted the ineffectiveness of US sanctions against the Islamic Republic’s oil sector and said attempts aimed at blocking Iran’s oil industry have gotten nowhere.