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New crude oil discoveries in the Persian Gulf may bring Iran`s rank among holders of the biggest oil and gas reserves in the world. a senior energy official said.
Managing director of Fuel Conservation Company of Iran Ali Vakili said a golden triangle of oil deposits has been recently discovered in the Persian Gulf which will most probably improve the country`s rank in holding oil reserves in the world.
Addressing an oil conference at the Research Center of Petroleum Industry (RIPI) on Saturday. the official said Iran sits atop the world`s 4th largest oil reserves which may become even bigger with new discoveries.
He also said most of Iran`s oil fields are in their second half-life which means enhanced oil recovery methods must be adopted for pumping more oil from the reserves.
Vakili said an investment of nearly $200b is needed for developing oil and gas fields in Iran. adding absorbing such amounts would be a serious challenge for the country in the future.
