Iranian Oil Ministry has earned $7.9bln from exporting oil and gas condensates during the first four months of the current calendar year (started on March 21), an Iranian parliamentarian announced.
Hossein Ali Haji Delijani said the ministry also received $13bln in delayed payments for oil and gas condensate exports in the last calendar year, Shana reported.
Iran’s oil production increased by 11 percent in the first four months of the current Iranian year. The country is expected to raise its oil production by 700,000 barrel per day (b/d) within the next three years.
Iran’s total in-place oil reserves have been estimated at more than 560bln barrels, with about 140bln barrels of recoverable oil. Heavy and extra heavy varieties of crude oil account for roughly 70-100bln barrels of the total reserves.