February 07, 2019 11:00
News ID: 4245

(Persia Digest) – Iran’ Minister of Petroleum has said: “Our oil reserves at the victory of the 1979 Islamic Revolution amounted to as estimated 88BN barrels. Today, however, with 50BN extracted barrels, we have over 160BN barrels of oil reserves.

Bijan Zangeneh stated that Iran has had a brilliant record in its gas and petrochemicals sector in addition to oil since the revolution, adding: “Oil production was limited for a number of reasons after the revolution. These restrictions were imposed by Iran. We are not pursuing this policy presently.”

Read more:

Zangeneh: Iran's oil exports are unstoppable

World’s largest gas condensate refinery opens

Zarif: Oil sale axis of Europe’s financial channel with Iran

Iran response to US pressures for oil cuts

He continued: “Our ready to extract gas reserves have increased from 9000BN cubic meters at the time of the revolution to over 33TN cubic meters. Gas condensate has also increased from 30 thousand bpd to over 800 thousand bpd.

He said that Iran’s daily production has surpassed that of Qatar in their common South Pars gas field, adding: “Iran is extracting more than 610MM cubic meters of gas daily in South Pars. The number of splits has also increased from 52 thousand to 11.5MM. Four new phases will also be inaugurated in the coming days. With the inauguration of phase 14 next year, offshore phases will be completed.”

Read more:

Iran sells 3 mbpd oil on IRENEX

Iran: We have new partners for oil sales

Demand for Iranian oil on IRENEX

Zangeneh also said that the petrochemicals industry will continue to develop in the future, adding: “An estimated 12MM tonnes of new capacity will be added to the petrochemicals industry by 2020. Iran’s petrol production has also risen from 14 million liters to 105 million liters per day with the startup of the Persian Gulf Star refinery.

Click here for more economic news.

Follow us on Twitter

* captcha:
* Comment:
Latest news