6 Dec 2023
Thursday 7 February 2019
Story Code : 337738

Oil min.: Iran oil reserves hit over 160bn barrels in 40 yrs.

MNA Iranian Oil Minister Bijan Zanganeh said the countrys oil reserves have reached from 88 billion barrels during the Islamic Revolution in 1979 to 160 billion barrels, showing a considerable hike.

Irans gas industry was also revived after the Islamic Revolution, Zanganeh added.

Speaking in a TV program late on Wed., he pointed to Irans achievements in oil, gas and petrochemical industry and said, when oil was discovered in Iran for the first time, the country became a determining and decisive oil player in the world.

Irans oil reserves stood at about 88 billion barrels during the Islamic Revolution in 1979, he said, adding, but presently, the countrys oil reserves stand at more than 160 billion barrels given the extraction of 50 billion barrels of oil.

Elsewhere in his remarks, Zanganeh pointed to the countrys rich gas reserves and said, Irans gas reserves during the Islamic Revolution reached from 9,000 billion cubic meters to more than 33 trillion cubic meters, showing a dramatic increase.

He drew a comparison between production of gas condensates before and after the Islamic Revolution and said, production of gas condensates during the Islamic Revolution reached from 30,000 barrels to more than 800,000 barrels/day after the Islamic Revolution.

Turning to the countrys progress in development projects in South Pars Gas Field, he said, the current gas production in South Pars has hit more than 610 million cubic meters/day.

The oil minister then described South Pars Gas Field as the most important achievement of the Islamic Revolution and said, the countrys daily production of gas has overtaken neighboring Qatar in a way that four conventional phases would be inaugurated in coming days.
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