Iran Reclaimes Position in Oil Reserves Top List

Masoud Mirkazemi, minister of petroleum, said in Tehran that the official Iranian reserves estimate had increased to 150.31 billion bbl and would increase again by yearend.

The earlier estimate was 137.62 billion bbl, third largest in the world behind Saudi Arabia and Canada until Iraq raised its estimate to 143 billion bbl of reserves from 115 billion bbl (OGJ, Oct. 11, 2010, Newsletter). Most of Canada’s reserves estimate is oil sands and heavy oil requiring unconventional production methods.

Reserves figures are important to the assignment of quotas for members of the Organization of Petroleum Exporting Countries. With global oil demand rising slowly and non-OPEC production increasing, tension over quotas is expected to intensify in the exporters’ group. OPEC members are thought to be questioning Iraq’s exemption from the quota system.

Mirkazemi estimated Iranian gas reserves at 1.17 quadrillion cu ft. The earlier estimate was 1.05 quadrillion cu ft. Only Russia has a larger gas reserves estimate: 1.7 quadrillion cu ft.

The petroleum minister cited the recent discovery of Sefid gas field in Hormozgan, 140 km northwest of Bandar Lengeh, which he said holds 2.5 tcf of gas in place.