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Iran Announces New Oil and Gas Discoveries

Over the course of the past six months, the country's oil and gas reserves have been reassessed… and according to the latest studies, the country's oil reserves have reached some 150.31 billion barrels: Iran's Oil Minister.

October 12, 2010 (Hamsayeh.Net) - Iran’s Oil Minister announced yesterday yet other important oil and gas finds in southern parts of the country. The latest oil finds bring total Iranian oil reserves to more than 150 billion barrels as of this day. 

The Oil Minister Masoud Mirkazemi told reporters on Monday the discovery of new oil and gas reserves in Hormozgan Province. A new gas reserve containing over 70 billion cubic meters of gas called Sefid (White in Farsi) of which 72 percent is extractible was discovered.  

‘Over the course of the past six months, the country's oil and gas reserves have been reassessed… and according to the latest studies, the country's oil reserves have reached some 150.31 billion barrels,’ Oil Ministers was quoted as saying by SHANA. He added further exploration efforts are underway and that we should expected more oil and gas discoveries by the end of the Iranian year on March 21st 2011.  

Iran is currently world's largest holder of non-renewable hydrocarbon reserves with its oil and gas reserves combined.  

Current oil production stands at nearly 3.8 million barrels per day. Last month Iran announced self-sufficiency in gasoline production at nearly 62 million liters per day. The country began exporting this important commodity to international markets two weeks ago.

Iran's oil reserves now stand at more than 150 billion barrels

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