News

Iran has discovered 13 new oil and gas fields with in-place reserves of 14 billion barrels of oil and 45 trillion cubic feet of natural gas within the past 12 months.

The Islamic Republic has also exported around 2,200,600 barrels of oil per day in the past year, according to a report published on the Oil Ministry's SHANA news agency.

The report added that Iran's revenue from oil exports during the past year reached $69.1 billion.

Earlier this year, National Iranian Oil Company (NIOC) director of exploration Mahmoud Mohaddes announced plans to explore new reserves of 500 million barrels of oil and 5 trillion cubic feet of gas per year during a five year plan.

Mohaddes said that during the course of Iran's fourth five-year development plan (2005-2010), the country has discovered 19 new oil fields and eight new gas reserves.

Iran is OPEC's second-largest oil producer after Saudi Arabia. In 2009, Iran's crude production stood approximately at 3.8 million barrels per day. The Persian Gulf country sits on the world's second-largest gas reserves after Russia.