Ex-minister: Iran can export oil for 150 years
Iran is the only country in the world that has the potential to supply crude oil to international markets for as long as 150 years, the former oil minister Masoud Mir Kazemi was quoted by Fars news agency as saying.
Given Iran's proven oil reserves at 154.5 billion barrels and provided that the annual oil production remains steady at 4 million barrels per day, the country can export oil for the next 150 years, Mir Kazemi added.
Oil Minister Rostam Qasemi has said that the country's oil output is projected to increase by 1.5 million bpd by 2016.
All plans related to the development of joint oil and gas fields will by finalized by the end of the first half of the current Iranian calendar year (September 21), he added.
In July, Qasemi announced that new oil reserves of up to 6 billion barrels had been discovered in southwestern Iran.
With the new discovery, Iran's oil reserves stand at about 160 billion barrels.
Oil provides about 50 percent of the Iranian government's revenues. It accounts for about 80 percent of the country's exports.
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