Oil reserves in Iran, according to its government, rank third largest in the world at approximately 150 billion barrels (24×109 m3) as of 2007, although it ranks second if Canadian reserves of unconventional oil are excluded.[1] This is roughly 10% of the world's total proven petroleum reserves. Iran is the world's fourth largest oil producer and is OPEC's second-largest producer after Saudi Arabia. As of 2009 it was producing an estimated 4.172 million barrels per day (663.3×103 m3/d) of crude oil.[2] At 2006 rates of production, Iran's oil reserves would last 98 years if no new oil was found.
Iranian production peaked at 6 million barrels per day (950×103 m3/d) in 1974,[3] but it has been unable to produce at that rate since the 1979 Iranian Revolution due to a combination of political unrest, war with Iraq, limited investment, US sanctions, and a high rate of natural decline.[3] Iran's mature oil fields are in need of enhanced oil recovery (EOR) techniques such as gas injection to maintain production,[3] which is declining at an annual rate of approximately 8% onshore and 10% offshore.[3] With current technology it is only possible to extract 20% to 25% of the oil in place[3] from Iran’s fractured carbonate reservoirs, 10% less than the world average.[3] It is estimated that 400,000-700,000 bbl/d of crude production is lost annually due to declines in the mature oil fields.[3]
Iran consumed 1.6 million barrels per day (250×103 m3/d) of its own oil as of 2006. Domestic consumption is increasing due to a growing population and large government subsidies on gasoline, which reduces the amount of oil available for export and contributes to a large government budget deficit. Due to a lack of refinery capacity, Iran is the second biggest gasoline importer in the world after the United States.[3] High oil prices in recent years have enabled Iran to amass nearly $60 billion in foreign exchange reserves, but have not helped solve economic problems such as high unemployment and inflation.[4]
According to NIOC, Iran recoverable liquid hydrocarbon reserves at the end of 2006 was 138,4 billion barrels.[5]
Apart from these considerable reserves, from the outset of oil industry in Iran in 1908 to the end of 2007, Iran produced some 61 billion barrels of oil.[5]
Iran oil reserves at the beginning of 2001 was reported to be about 99 billion barrels, however in 2002 the result of NIOC’s study showed huge reserves upgrade adding about 31,7 billion barrels of recoverable reserves to the Iranian oil reserves.
The 2002 NIOC reserve revision has came from following sources:[6]
In addition to the large reserves, Iran still has huge potential for new significant gas discoveries: areas like Caspian Sea, North East, Central Kavir and especially areas starting from Aghar and Dalan gas fields in Fars province up to the Strait of Hormuz and Central Persian Gulf have considerable amount of undiscovered gas resources.[7] According to Exploration Directorate of NIOC, there are about 150 unexplored anticlines in Iran.[8]
Since 1995, National Iranian Oil Company (NIOC) has made significant oil and gas discoveries, standing for some 84-billion-barrel (1.34×1010 m3) of oil in place and at least 191×1012 cu ft (5,400 km3) of gas in place, which are listed below.[9]
| Field's Name | Oil In Place | Recoverable Oil | Discovery Year |
|---|---|---|---|
| Billion Barrel | Billion Barrel | ||
| Azadegan | 33.2 | 5.2 | |
| Yadavaran (Kushk+Hosseinieh) | 17 | 3 | |
| Ramin [11] | 7.398 | 1.11 | 2007 |
| South Pars Oil Layer | 6 | NA | |
| Band-E-Karkeh [12][13] | 4.5 | NA | 2007 |
| Mansour Abad | 4.45 | NA | 2007 |
| Changoleh [14] | 2.7 | NA | |
| Azar[15][16] | 2.07 | NA | 2007 |
| Paranj | 1.6 | NA | 2007 |
| Andimeshk (Balaroud)[17] | 1.1 | 0.233 | 2007 |
| Binalood[18] | 0.776 | 0.099 | 2008 |
| Mansouri-Khami layer[19] | 0.760 | NA | |
| Jofeyr-Fahliyan layer[20][21] | 0.750 | NA | 2008 |
| Asaluyeh[22] | 0.525 | NA | 2008 |
| Arvand[23] | 0.500 | NA | 2008 |
| Sumar[24] | 0.475 | 0.070 | 2010 |
| Tusan | 0.470 | NA | 2006 |
| Arash | 0.168 | NA | |
| Total | 84.442 | NA |
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