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News number: 9107169332

14:52 | 2013-05-12

Economy

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Iran to Ink Contract on Exploration of Shale Oil, Gas Layers

TEHRAN (FNA)- The National Iranian Oil Company (NIOC) Director for Exploration Hormoz Qalavand announced that the country will start exploration of unconventional oil and gas deposits in near future.



Speaking to FNA on Sunday, Qalavand said that initial planning for exploration of shale oil and shale gas, as unconventional deposits, has been done and its contract will be inked next (Iranian) month (May 21 - June 20).

He added that Iran plans to start its first shale oil and gas exploration project in the country's Western regions of Zagros.

Qalavand further underlined that the project is now in initial and exploration phase, adding that comprehensive planning is needed for next phases, including seismography and drilling.

Last July, Iranian Oil officials announced that their efforts to identify unconventional hydrocarbon reserves in the country have led to the discovery of some oil shale deposits in the Western parts of the country in the Ghali Kooh region.

In December 2012, Iran's deputy oil minister said Iran's proven crude oil and natural gas reserves are worth around $37 trillion.

Iran ranks the third globally in terms of oil reserves while having the world's second-largest natural gas reserves after Russia with 34 trillion cubic meters of natural gas reserves.