Iranian oil reserves hit 150 billion barrels

[News_Editor]

Iranian oil reserves hit 150 billion barrels

2010-10-12 07:21:45 GMT+7 (ICT)

TEHRAN, IRAN (BNO NEWS) -- Iran's Oil Minister Masoud Mirkazemi on Monday said that the latest statistics indicate that Iran's proven oil reserves has reached 150.31 billion barrels, up from the previous 138 billion barrels.

The Minister indicated that the current quantity is expected to further increase by the end of the current Iranian year, on March 20. He also announced that the country's natural gas reserves reached 33 trillion cubic meters.

Last week, Iraq announced that its proven oil reserves hit 143 billion barrels surpassing Iran's reserves at that moment and being only behind Saudi Arabia in terms of conventional crude, and third after Venezuela by including unconventional reserves.

However, some nations have expressed its skepticism regarding those figures. Iran is suspected of hiking its reserves' data in order to secure a larger quota from the Organization of Petroleum Exporting Countries (OPEC).

"It is not a question of how much reserves they have got in the ground but how much oil they can produce. Iran’s production rate from mature fields is one of the highest in the world," Mirkazemi said.

Iran has been affected by the UN-U.S. sanctions as four major non-American energy firms pulled out of Iran in order to comply with such sanctions. Despite increasing its purchases of Iranian oil, Royal Dutch Shell, Total, Statoil, and Italy ENI decided to comply with the U.S. regulations and end trading with Iranian oil companies.

This year, the United Nations and the United States imposed a series of sanctions on finance shipping and insurance in order to prevent Iran from financing nuclear weapons and to persuade President Mahmoud Ahmadinejad to return to the negotiating table.

Mirkazemi assured that despite the U.S. efforts, Asian and European companies were still cooperating in Iran’s energy sector, but did not give names.

"All countries can be involved. Those who are interested in investing can do so. While we understand the situation of countries which are concerned, those who act in a hostile way will be on our blacklist. We have large financial resources and are not worried about financing in the oil industry."

-- © BNO News All rights reserved 2010-10-12

[hobanse]

It´s time for Usrael to start the war!

[Jingthing]

It´s time for Usrael to start the war!

Cute. Which side would you be on, if so? The stoners?

[bartender100]

I have invested into a company called Gulf Keystone in Kurdistan (north Iraq) Its a relatively small unknown company which might possibly prove up 50 BILLION barrels over 4 blocks, they have shared with a Hungarian company, at the moment they are trading about 1.50 pounds a share, but are being held back by the risk factor, which is the Iraq political situation.

If your interested do some research, the upside to the share price is incredible. Almost certainly will be brought by a NOC, possibly in a bid war anything from 5-30 pounds have been discussed

http://www.gulfkeystone.com/default.aspx

This is a very recent broker report, its worth the download if your interested.

http://uploading.com/files/m2a8489d/GKP%2BDrilling%2Bagainst%2Bthe%2Bclock.pdf/

Or Google

[mojo80]

I-ran all the way, to long have the infidels held sway over the middle east! Down with USO!

[Jingthing]

I-ran all the way, to long have the infidels held sway over the middle east! Down with USO!

USO?

You don't like dancing girls?

[slapout]

Wonder who did the most recent recoverable estimates? If it is "in house" then the numbers are probably suspect. If independent firms (non Iranian) were hired, provided with relevant data required, then the numbers may have some basis. Since the companies who are pulling out and those who are not there are the ones with expertise, to come up with real numbers, I doubt if the banks will accept this news report, what influence it will have on OPEC, I do not have a clue.