TCCIM: Iran plans to boost joint oilfields’ output to 800,000 bpd
11/10/2012 11:30:54 AM
Oil Minister Rostam Qasemi has said that the country’s oil output is projected to increase by 1.5 million barrels per day by 2016.

In July, Qasemi announced that new oil reserves of up to 6 billion barrels have been discovered in southwestern Iran.

The reserves are located around the Yadavaran oilfield in Khuzestan Province.

With the new oil discovery, Iran’s oil recoverable reserves stand at about 160 billion barrels.

Iran has the world's fourth-largest reserves of recoverable oil, after Venezuela, Saudi Arabia, and Canada.

With 34 trillion cubic meters of natural gas reserves, Iran has the world's second-largest natural gas reserves after Russia.