Code: 725363 A

Iranian Minister of Petroleum said that country's oil resources have become more than double since the victory of the Islamic Revolution.

Iranian Minister of Petroleum Bijan Namdar Zanganeh in a live interview with Iranian national TV on Wednesday said: "Oil industries have had a significant role before and after the Islamic revolution and Iran's oil resources increased 2 and a half times since the victory of the revolution."

"Since the discovery of oil in Iran, the country has been an important player in international oil markets," Iranian Minister of Petroleum added.

“Although Iran’s crude oil production has dropped from 5 mb/d [in 1979] to about 4 mb/d today, the significant point is that the country’s recoverable liquid hydrocarbon reserves has increased from 88 billion to 160 billion barrels now,” he said.

He added that more than 50 billion barrels of oil had been recovered in the past four years.

Zangeneh also said Iran’s recoverable gas deposits had grown to 33 tcf from 9 tcf over the past four decades.

“There was almost no gas industry before the [1979 Islamic] Revolution and only 36 mcm/d was processed at the Bidboland refinery. Today, this figure has been multiplied by 30,” the minister noted.

Zangeneh also said that Iran’s gas condensate production had reached 750,000 b/d from nothing in 1979.

The minister also touched on the petrochemical sector, saying Iran was selling more than 30 million tonnes a year of petrochemical products, which is valued at $17 billion.

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