|
|
Article: THE KEY TO IRAN'S PROSPERITY.(Iran's projected oil and gas reserves and efforts to boost production result in improved financial position)(Statistical Data Included)
- Article from:
- The Middle East
- Article date:
- December 1, 2000
- Author:
CopyrightCOPYRIGHT 2000 IC Publications Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
During the past two to three years Iran, OPEC's second largest producer after Saudi Arabia, has announced some of the world's largest oil and gas discoveries. According to state-owned National Iranian Oil Company (NIOC) estimates, the country's newly discovered hydrocarbons reserves are worth a staggering USS 125 billion.
Mahmoud Mohaddes, director of exploration at NIOC, revealed: "Iran found 5.34 billion barrels of crude and liquid gas and 28.7 trillion cubic feet of mainly sweet natural gas during the same period."
Officially, proven oil reserves are assessed at 96 billion barrels, (equivalent to nine per cent of the world's total), up from the ...