Iran Discovers Two New Oil Fields

Via the Fars New Service, a report that the National Iranian Oil Company (NIOC) has discovered two new oil fields.  As the article notes:

“We will release the detailed information of these two new oil fields by the end of the current (Iranian) year (ending March 20),” Mohaddes told reporters in Tehran on Wednesday.

He also stated that Iran has discovered 5 oil and gas fields in the current Iranian year (March 21, 2011 to March 20, 2012), including Khayyam oil field and Madar gas field.

Iran sits on the world’s second largest reserves of both oil and gas.

The country ranks fourth in the world in terms of crude production after Russia, Saudi Arabia and the United States. The Islamic Republic also stands fourth in gas production after the US, Russia, and Canada.

The Islamic Republic has the world’s second-largest crude reserves after Saudi Arabia and the second-largest gas reserves after Russia.

Senior Iranian oil officials have recently announced that Iran plans to invest $18 billion in the development of its oil and gas fields in the hydrocarbon-rich South of the country in a 5-year development plan ending 2015.

This entry was posted on Thursday, January 5th, 2012 at 12:59 pm and is filed under Iran, National Oil Company of Iran.  You can follow any responses to this entry through the RSS 2.0 feed.  Both comments and pings are currently closed. 

Comments are closed.

Wildcats & Black Sheep is a personal interest blog dedicated to the identification and evaluation of maverick investment opportunities arising in frontier - and, what some may consider to be, “rogue” or “black sheep” - markets around the world.

Focusing primarily on The New Seven Sisters - the largely state owned petroleum companies from the emerging world that have become key players in the oil & gas industry as identified by Carola Hoyos, Chief Energy Correspondent for The Financial Times - but spanning other nascent opportunities around the globe that may hold potential in the years ahead, Wildcats & Black Sheep is a place for the adventurous to contemplate & evaluate the emerging markets of tomorrow.