NIOC official: Iran’s hydrocarbon reserves no less than 40 years ago

Despite constant extraction and consumption over the past four decades, the present amount of Iran’s in situ oil reserves is equal to that of the country in 1978, while its gas reserves have grown eightfold over the 40-year period, to 2018.

The remarks were made by Saleh Hendi, the director of the National Iranian Oil Company (NIOC) for exploration, saying discovery of new oil and gas resources in the country during the period has helped offset the extraction and consumption of its crude reserves and octuple its gas reserves in the same time span, Shana reported.

He noted that prior to the victory of Iran’s 1979 Islamic Revolution, it was a common belief that the country’s oil and gas reserves would be depleted in 20 years. However, a simple comparison made between the country’s hydrocarbon reserves in 1978 and 2018 indicates otherwise.

Hendi said the exploration activities conducted over the past four decades were the main cause of the country’s oil and gas reserves standing at their present level.

“What is important is that Iran’s oil and gas have been extracted and consumed constantly during all these years. We are speaking of [an eightfold growth in] the country’s in situ gas reserves at a time when only a few Iranian villages are still not connected to the national gas transmission network. This comes as prior to the victory of the Islamic Revolution, no rural area in the country was linked to this network.”

During the past four decades, a total of 73 oil and gas fields were discovered in Iran. In addition, 36 oil layers were identified in the previously discovered fields.

According to data provided by the Iranian Oil Ministry, 25 percent and 75 percent of the country’s oil and gas reserves, respectively, have been discovered after the victory of the Islamic Revolution.

As announced by the NIOC’s Exploration Directorate, 45 percent of Iran’s total discovered oil reserves have not been developed yet. The figure stands at 77 percent in terms of the country’s gas reserves.

This comes as the NIOC has announced that Iran’s present gas reserves will be sufficient for meeting the country’s needs for more than 50 years, given that they currently amount to 33 trillion cubic meters and the country’s current cumulative production stands at 300 billion cubic meters per year.

In addition, the probability of discovering new gas reserves in the country in the future is quite high.

source: Iran Daily