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Middle East and North Africa

Oil reserves worth $1.8 trillion discovered in Iran

This sum is comparable with Iran's oil export revenue over a period of more than a century

Photo EPA/ITAR-TASS

Photo EPA/ITAR-TASS

TEHRAN, August 15 (Itar-Tass) - Oil reserves worth a record-high sum of $1.8 trillion have been discovered in Iran despite the economic sanctions applied by the West, the Mehr news agency reported on Thursday.

"This figure has been calculated with due account of the current global prices of hydrocabon fuel. This sum is comparable with Iran's oil export revenue over a period of more than a century," said Ahmad Galebani, Iranian Deputy Minister of Oil.

According to the data of the Organization of Petroleum Exporting Countries, oil production in Iran in July this year amounted to 2.68 million barrels per 24 hours. At that, Galebani pointed out, "over the past couple of years" the country prospected for new oil deposits and discovered reserves amounting to 18.6 billion barrels of oil. The likelihood of finding oil during the drilling of geological exploratory wells in Iran was 90% last year.

Middle East and North Africa

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