Iran’s In-Place Liquid Hydrocarbon Up 210m Barrels

A0009712.jpgTEHRAN (Fars News Agency)- Iran’s in-situ liquid hydrocarbon increased by 210 million barrels in late last August when compared to the figure of 2005.

According to the Barnameh (Plan) weekly, the country’s liquid hydrocarbon saw a 210-million-barrel increase in spite of deriving about four billion barrels from the reserves in the past two years, indicating a 65 percent growth.

It added domestic in-place liquid hydrocarbon soared to 743.33 billion barrels last August from 743.12 billion barrels in August 2005.

The country’s in-place volume of natural gas also had a 4.95 percent growth as it increased to 49.18 trillion cubic meters in August 2007 from 46.86 trillion cubic meters in August 2005.

Based on the Fourth Five-Year Development Plan (2005-2010), exploration operations should be carried out in 68.5 percent of the country’s territories, 1.13 million square kilometers, and 3.5 billion barrels should be added to domestic extractable hydrocarbon deposits per annum.

At present 51 exploration blocks are under study that has led to the discovery of 312 million barrels of in-place oil and 11.4 trillion cubic feet of gas in the current Iranian year (started March 21, 2007).

Oil Minister Gholam Hossein Nozari had already announced that the country held 138 billion barrels of derivable hydrocarbon.

He said nine billion barrels of in-situ oil and 70 trillion cubic feet of gas had been explored in the past two years.

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