NIOC outdoes regional countries in oil, gas exploration
Iran has surpassed regional countries in oil and gas exploration since its current government took office two years ago, said the head of the National Iranian Oil Company (NIOC).
Mohsen Khojasteh-Mehr added that three oilfields — namely Hirkan in the northeastern province of Golestan and Tengoo and Genaveh in the southwestern province of Bushehr — as well as the Cheshmeh Shour gas field in the northeastern province of Khorasan Razavi have been discovered in the two-year period, increasing the country’s recoverable liquid hydrocarbons by more than 2.6 billion barrels, Shana reported.
The NIOC CEO said 3D seismic data acquisition operations have jumped by more than 300 percent under the incumbent government when compared with surveys carried out during the previous years, indicating Iran has excelled in the region’s oil and gas exploration.
Last week, Oil Minister Javad Owji said Iran stood top among regional countries, including Saudi Arabia, Iraq, Kuwait, the United Arab Emirates, and Qatar, in terms of exploration.
All wells drilled for exploration purposes under the current Iranian government have contained hydrocarbon, meaning that the exploration success rate has stood at 100 percent, he continued.
Given the latest discoveries, the reserve replacement ratio for liquid hydrocarbon is 87 percent, mentioned the minister. He explained that it means if 100 barrels of crude oil and gas condensates are produced in Iran and consumed inside the country or exported to other countries, 87 barrels of that output have been replaced by newly-discovered deposits.