Iran Recoverable Oil Reserves at 160bn Barrels

TEHRAN (NIOC) _ Iran’s Minister of Petroleum Bijan Zangeneh said Tuesday the country’s recoverable oil stood at 160 billion barrels.

“Although Iran’s crude oil production has dropped from 5 mb/d [in 1979] to about 4 mb/d today, the significant point is that the country’s recoverable liquid hydrocarbon reserves has increased from 88 billion to 160 billion barrels now,” he told a press conference.

He said that more than 50 billion barrels of oil had been recovered in the past four years.

Zangeneh also said Iran’s recoverable gas deposits had grown to 33 tcf from 9 tcf over the past four decades.

 “There was almost no gas industry before the [1979 Islamic] Revolution and only 36 mcm/d was processed at the Bidboland refinery. Today, this figure has been multiplied by 30,” the minister said.

Zangeneh also said that Iran’s gas condensate production had reached 750,000 b/d from nothing in 1979.

The minister also touched on the petrochemical sector, saying Iran was selling more than 30 million tonnes a year of petrochemical products, which is valued at $17 billion.

Zangeneh said Iran had outdone Qatar in recovery from the giant offshore South Pars gas field and surpassed Iraq in production from jointly owned oil reservoirs.

He said that production from the jointly owned oil fields in West Karoun would reach 350,000 b/d in March, up from 70,000 b/d in 2013.

Zangeneh said an oil terminal would become operational in Jask for export outside the Persian Gulf region by March 2021.

The minister also boasted that Iran’s gasoline production had risen from 52 ml/d five years ago to 105 ml/d now.

The official further announced Iran’s natural gas production capacity would reach 1 mcm/d in the future.

Europe Not Buying Iran Oil despite Waivers

Bijan Zangeneh said Italy and Greece had stopped buying oil from Iran despite being granted waivers from US sanctions.

“Among the Europeans, except for Turkey, no other nation has purchased oil from Iran. Greece and Italy refuse to buy Iran’s oil despite winning waivers. Nor do they respond to our correspondence,” said the minister.

He said the US had embarked on a unilateral war against Iran’s petroleum industry.

 “They intend to zero our export revenues and if any revenue was made they would block any money transfer,” he added.

Pressed by journalists to say how much oil Iran was exporting after the US reimposed oil sanctions on Iran last November, Zangeneh said: “I don’t announce any figure about oil exports.”

The minister also said he would not reveal how the ministry would skirt the US sanctions.