TEHRAN, YJC. Deputy Oil Minister has said that Iran has discovered over 110 bbl oil to have abundant oil for one hundred years.
"Currently the country's hydrocarbon in place reserve volume exceeds 800 bbl,” said Mohsen Khojasteh in an interview with Mehr News Agency, providing comments on latest circumstances on oil and natural gas.
Khojasteh said that currently Iran holds more than 157 b bbl extractable crude and added "Also the country's gas reserve has reached 34 trillion m3.
He pointed to Iran as the country with biggest natural gas reserve among OPEC members, stating "There are 330 gas and oil reserves in the country.”
Providing comments that unlike some other big oil exporters, Iran's peak period for extraction has yet to come, he said "Recent studies show that Iranian oil reserves experience peak oil much later than other oil reserves.”
Khojasteh added that Iran holds enough oil for production and export for the future 100 years and said that the world counts on Iran's long-term production of oil and gas, and that surely there is no replacement for the Iranian energy resources.