Iran increases reserves with four new discoveries

Iran

TEHRAN, October 9, 2023 – Iran has significantly increased its oil and gas reserves with four newly confirmed discoveries, Upstream Online reported on Monday.

The finds include the Cheshmehshour gas field in the northeastern Khorasan Razavi province, the Hirkan oilfield in the northern Golestan province and the Tengoo and Genaveh oilfields in the southern Bushehr province.

The four new fields together hold recoverable reserves of 2.6 billion boe.

The news was announced by Minister of Petroleum Javad Owji on the sidelines of a cabinet session.

Iran increased its oil production to 3.15 million bpd in August 2023, its highest production level since 2018.

In March 2023, Iran signed an MoU with Oman to jointly develop oil and gas fields, petrochemical assets and trade between the two nations.

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