Iran discovers new oil block in central country

By  Trend

Recent exploration has led to the discovery of a new oil block in Iran’s central province of Semnan, an unnamed source told Fars news agency .

However, the source said that preliminary findings do not indicate the existence of any notable reserve in the newly found block.

The source was quoted as saying that if decision is made to conduct further study into the block, it will be arranged under Iran’s new oil contract model the IPC.

The International Monetary Fund’s estimates that Iran’s crude oil output would increase from 4.1 mb/d in 2017 to 5.4 mb/d by 2022. Wood Mackenzie’s estimations also indicate that Iran’s crude oil (without gas condensate) would increase from 3.899 mb/d in 2017 to 4.29 mb/d in 2022.

Earlier, Iranian Oil Minister Bijan Namdar Zangane said that in the coming years, on the basis of IPC, it is expected to attract foreign investments in the amount of $20-30 billion.