Iran’s oil reserves rise in Persian Gulf waters

The director of technical affairs of Iranian Offshore Oil Company said that this amount of oil can be harvested with current technologies, and continued: In order to harvest this oil, new drilling should be carried out that the necessary planning is done and in the next year production work will be done from these reservoirs. With the planned and harvested from new reserves, Iran’s oil production capacity in the fields located in the Persian Gulf reaches above 420,000 barrels per day.

The official stated that the studies were conducted short-term and said: “Although these studies were supposed to be completed within 6 months, due to the restrictions imposed by the coronavirus outbreak, these studies were completed within 9 months.

Khajavi pointed out that for the first time this type of reservoir study operation is carried out relying on internal power, said: “The operationalization of this idea shows that there is a capability in the country to update our fields using domestic companies within less than 9 months.

Ali Khajavi said that after studies in four fields of Behregan Sar, Hendijan, Nowruz and Abuzar, all located in the waters of the Persian Gulf, more than 740 million barrels of oil were added to the country’s oil reserves.

He added: “Due to the recycling coefficient of these fields, 217 million barrels of oil in these fields can be extracted, which if we consider the price per barrel of oil at $45, the equivalent of $10 billion has been added to the value of the extractable sources of oil fields on the Iranian continental shelf.