The Managing Director of the National Iranian Oil Company (NIOC), Ali Kardor, says new discoveries have placed Iran’s total in-situ oil reserves at least 15 billion barrels higher than previous estimates.
2 billion barrels of the amount can be recovered, the official told a press conference.
Iran is estimated to be stilling atop 711.53 billion barrels of in-place oil reserves of which 102.33 billion barrels are recoverable.
So far the country has recovered nearly 72.95 billion barrels from its reserves.
Iran’s operational oil fields are being operated with an overage recover rate of 24.65%.
Kardor said that new discoveries have also added 66 trillion cubic feet to Iran’s natural gas reserves of which 33 tcf are recoverable.