Iran’s recoverable oil reserves now stand at 154.8b barrels

TEHRAN, Nov. 2 (MNA) -- Iranian Oil Minister Rostam Qasemi said the Islamic Republic’s recoverable oil reserves have increased to 154.8 billion barrels. “With the discovery of the new oil reserves in the country, the level of Iran’s recoverable crude oil has increased from 151 billion barrels to 154.8 billion barrels,” the Rostami announced. He went on to say that Iran ranks first in the world in terms of hydrocarbon resources thanks to its plentiful reserves of oil, gas, and gas condensates. The two-day 15th International Conference on Technology and Innovation in the Oil and Gas Industry, which was organized by the Institute for International Energy Studies, is currently underway at the Islamic Republic of Iran Broadcasting (IRIB) International Conference Center. Organization of the Petroleum Exporting Countries Secretary General Abdallah Salem el-Badri, Gas Exporting Countries Forum (GECF) Secretary General Leonid Bokhanovsky, and Economic Cooperation Organization Secretary General Yahya Maroufi delivered speeches at the conference. According to the conference secretary, Farhang Fasihi, the formulation of a roadmap for the oil and gas industry, the promotion of technology, the commercialization of research findings, the assessment of current technologies, and the assessment of Iran’s capacity for domestically manufacturing equipment are some of the main issues being discussed at the conference. Iran is OPEC’s second leading oil exporter after Saudi Arabia. Iran has the world’s second largest reserves of crude oil (excluding ultra-heavy crude and oil sands) after Saudi Arabia and the second largest reserves of natural gas after Russia.