Iran Discovered $400bn Worth of Hydrocarbons This Year

Iran has discovered hydrocarbon reserves worth more than $400 billion in the first 11 months of the current Iranian calendar year (started March 20, 2012), Press TV reported citing a deputy oil minister.

Ahmad Qalebani, who is also the managing director of the National Iranian Oil Company (NIOC), noted that Iran will see a twofold increase in the volume of gas production from the offshore South Pars gas field, after implementation of the current projects which are valued at over $120 billion. 

“Iranian Central Oil Fields Company (ICOFC), which is also a major hub of gas production in the country, has the capacity to produce 325 million cubic meters (mcm) of gas and 200,000 barrels of oil per day,” he added. 

Press TV also reported that Iran has exported $7.85 billion worth of gas condensate from the southern Pars Special Energy Economic Zone in Assaluyeh during the first 11 months of the current Iranian calendar year.