Iran discovers $85bn oil and gas reserves.
A recently discovered gasfield in Iran has reserves of 12.4 trillion cubic feet, with an estimated 249 million barrels of condensate gas, an energy official said yesterday. Iran said it had discovered the Soumar oilfield and Halgan gasfield with total value of reserves at $85 billion. National Iranian Oil Company (NIOC) director of exploration Mahmoud Mohaddes said that around 70 per cent of the gas was recoverable and less than half of the condensate gas was recoverable.
"Considering that the recovery at gasfields usually stands at 70-75pc, it is projected that about 70pc of the field's in-place reserves, equivalent to 8.938 cubic trillion feet, are recoverable."
The gasfield's in-place gas reserve stands at 12.4trn cubic feet, or 355bn cubic metres, with the volume of condensates estimated at 249m barrels, he said.
He said that of the 249m barrels of condensates, 98m are recoverable.
"At current prices, the Halgan gasfield's reserves is valued at more than $83bn," Mohaddes said, adding Iran had spent $36m on discovering the field over a period of more than two years.
He said that once the field is developed, NIOC will be able to produce 50m cubic metres of gas a day over a 20-year period.
Iran sits on the world's second-largest natural gas reserves after Russia, but US and UN sanctions imposed over its disputed nuclear work have delayed development of major exports.
Western firms are increasingly wary of investing in Iran, the world's fifth-largest oil exporter, due to the standoff over Tehran's nuclear programme, which the West suspects is aimed at making bombs. Iran rejects the charge.
But Iran is still drawing interest from Indian, Chinese and other Asian firms seen as less susceptible to international pressures.