13 Oil/Gas Finds
With the discovery of 11 gas fields and two gas reservoirs as well as 10 oil fields and two oil reservoirs since 2011, Iran's hydrocarbon reserves have increased 30 billion barrels in place, while the country's gas reserves have increased 128 tcf in place. Furthermore, discovery of 30 billion barrels of oil and 70 tcf of gas in place is envisaged in Iran's 6th Five-Year Economic Development Plan.
Whereas Iran is rich in hydrocarbon reserves, exploration activities never stop in the country. That is because of these exploration activities that Iran has become the top holder of hydrocarbon reserves in the world. According to the latest statistics, 1,140.2 billion barrels of oil equivalent (boe) in Iran includes oil, gas, liquids and gas condensate. Of this, 345.52 billion barrels are recoverable. However, an important point that must be taken into consideration is that exploration, which is the first step in upstream activities, takes time and that is why figures about exploration are announced on the long-term.
Saleh Hendi, director of exploration at NIOC, said recently that the chance of success in exploration wells in Iran is 60%. "Despite the growth and development of technology in the world, the rate of success in exploration wells in the world is on average 30%."
In other words, of every three wells spudded in Iran, two wells prove to contain oil or gas.
However, Hendi, said the success of a well did not necessarily mean that recovery from that well would be economical.
Chief among other indices of examining the rate of success in exploration activities is the replacement coefficient that could help explain to what extent the new explorations could replace oil and gas recovered in the country over a certain period. The figure considered in this context is the amount of recoverable hydrocarbon reserves and not reserves in place.
"Based on the aforesaid index, explorations in the oil sector in the 5th Development Plan equal 80% of total oil recovered over this time. Moreover, something like 190% of total gas recovered over these years has been registered as new gas discoveries," said Hendi.
He maintained that in the future the chance of making gas finds in Iran would be higher than finding oil. New reservoirs in already discovered hydrocarbon fields after drilling extension wells are announced as new discoveries.
Latest H/C Reserves in Iran
Since 2011, 11 gas fields and two gas reservoirs as well as 10 oil fields and two oil reservoirs have been discovered. After drilling extension wells in some old fields, the country's in-situ oil and gas reserves have increased. Drilling extension wells in four oil fields has resulted in a big increase in the in-place deposits of these fields.
Hendi said discovery of 30 billion barrels of oil in place as well as 70 tcf of in-place gas was envisaged in the 6th Five-Year Economic Development Plan.
"Over this period, by drilling 37 exploration and extension wells, more than 30 billion barrels of oil in place has been discovered, 4.7 billion barrels of which is recoverable. In the gas section, 128 tcf of gas has been discovered, 83.8 tcf of which is recoverable," he added.
5 New Fields
Hendi said that the new oil and gas discoveries have added 6.5 billion barrels to Iran's oil in place and 62.5 tcf to the country's gas in place.
He went on to introduce five fields discovered under the administration of President Hassan Rouhani, saying: "Pazan gas field with gas reserves of 19.05 tcf in place and condensate reserves of 436 million