EXPLORATION

Iran adds three billion barrels to reserves

As debate rages about the state of the worlds oil supply and its limited resources Iran has taken...

The giant field has in-situ resources estimated at 17 billion barrels, significantly above original estimates which had put the figure at 10.5 billion barrels. The resource upgrade came after it was discovered that the Koushk and Hosseinieh oilfields were connected at various layers.

When developed the field is expected to produce around 300,000 to 400,000 barrels of oil per day. The discovery has added to an unprecedented run of success in Iranian oil exploration that has seen over 100 billion barrels of in-place discoveries in the last five years.

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