The Iranian Offshore Oil Company (IOOC) has conducted fast track comprehensive projects on four oil fields in the Persian Gulf, aiming to raise the estimated oil reserves by more than 740 million barrels (mmbbl), SHANA reported.

The Manager of Technical Affairs in IOOC, said “”By conducting fast track studies on the four fields of Hendijan, Bahregansar, Abuzar and Nowruz, the total in-place crude oil in these fields compared to the last approved study increased by 742 mmbl from about 9.1 to about 9.9 billion barrels.”

“Following the policies announced by the Ministry of Petroleum and the National Iranian Oil Company on defining projects for conducting fast track reservoir studies, the Iranian Offshore Oil Company outsource these studies back in 2019,” he added.

Khajavi elaborated that, according to the studies, the total recoverable oil in these four fields has increased by 217 mmbbl reaching to more than 3.2 billion barrels at a price of $45 per barrel equivalent to about $10 billion worth of extractable resources operated by IOOC.