Iran's oil reserves in Gulf estimated at 96 billion barrels

barrel1IOOC manages development projects of 17 joint oil and gas fields. (Image source: Professor of Death/Flickr)Iran Offshore Oil Company has announced that the volume of Iran's oil reserves in the Gulf, excluding those of South Pars' oil layers, has been estimated at 96bn barrels

IOOC managing director, Mohamoud Zirakchianzadeh, claimed that the IOOC was currently managing the development projects of 17 joint oil and gas fields within the country and revealed that around US$28bn worth of agreements have been signed in the upstream sections of Iran's oil industry since March 2007.

"The oil storage capacity of the regions managed by IOOC has exceeded three million barrels and the figure is expected to hit 8.1mn in the first half of the next Iranian year, starting 21 March, five billion barrels of which pertain to Behregan Oilfield in Bushehr province," said Zirakchianzadeh.

"Drilling operation of the onshore section of Kish Gas Field has been completed and the field will produce 70mn to 100mn cu/m of gas per day."

He added that 50mn cu/m of gas will be transferred from the Behregan gas field to Siri Island in Hormuzgan province.

Zirakchianzadeh said, "Once the natural gas liquids production unit of Siri Island located in southern Hormozgan province, becomes operational, it will provide the gas requirements of Qeshm and Kish Islands and produce 3,500 barrels of butane, 1,350 barrels of pentane and 1,300 barrels of gas condensates per day."

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