A huge gas reserve has been discovered in Iran’s Southern province of Fars, after a year of extensive exploration in the region.
Head of the National Iranian Oil Company Exploration Directorate (NIOCEXP) Seyed Saleh Hendi confirmed the revelation about a massive gas reservoir being discovered in the Southern Iranian province of Fars, adding that the accomplishment was achieved after a year of toiling explorations in the region.
According to reports, explorers hit high gas flows in the depth of 3900 meters, and early estimates are speculating that the reservoir is containing a volume of gas equal to 16 years of consumption in metropolitan Tehran.
Local officials told FNA that further details will be disclosed by the Managing Director of the NIOC in the near future.
Late in August, the NIOCEXP had found a new oil reservoir in Dezful in the Southwestern province of Khuzestan.
A minor fire at Iran’s oldest and largest oil refinery in the Southwestern city of Abadan has been completely extinguished, authorities announced on Monday, underlining that the event left insignificant damage and production has survived intact.
Head of Iran’s most profitable petrochemical plant said foreign sanctions on the country’s petrochemical industry have ended in complete failure.
Gas production at one of the platforms of the giant South Pars Gas Field off the Persian Gulf, which had been damaged, has been fully repaired, the operations manager of Pars Oil and Gas Company said.
Governor of the Central bank of Iran (CBI) Abdolnasser Hemmati announced that the country has further reduced its reliance on oil revenues to bring the share of the income earned though crude sales in the budget to less than 30 percent.
Iranian Oil Minister Bijan Namdar Zanganeh highlighted the ineffectiveness of US sanctions against the Islamic Republic’s oil sector and said attempts aimed at blocking Iran’s oil industry have gotten nowhere.
The OPEC+ group of oil producers will need to make deeper output cuts when they meet in December. That is the inescapable conclusion from the latest round of monthly reports published by the three big oil-forecasting agencies.