Azernews.Az

Iranian president Mahmoud Ahmadinejad will inaugurate two oilfields and a gas plant in the southern province of Fars.

Sarvestan and Sa'adatabad are the two oilfields which are projected to daily produce 15,000 barrels of oil, IRIB reported.

Iran is estimated to earn 1.5 million dollar per day in revenue from the two fields.

Sarvestan oil field is located 150 kilometres southeast of the city of Shiraz. Twenty kilometres to the north of Sarvestan is located the Sa'adatabad oil field. Covering an area of 242 square kilometres, both fields are estimated to hold 1.402 billion barrels of in-situ oil.

The Hafez gas power plant is also scheduled to be inaugurated on Tuesday. It has the capacity to produce 972 MW.

Over 90 per cent of the plant's equipment has been manufactured domestically.

Hazen gas power plant was completed at a cost of 400 million euros.

Iran sits on the world's second largest natural gas reserves after Russia ‎and is trying to grow its gas production by increasing foreign and ‎domestic investments, especially in its South Pars gas field‏.‏

‎Iran's total in-situ oil reserves have been estimated to be more than 560 billion barrels, with about 140 billion barrels of recoverable oil.

Moreover, heavy and extra heavy varieties of crude oil account for roughly 70-100 billion barrels of the total reserves.