Studies conducted by foreign and domestic firms on Iranian oilfields have revealed that Iran has the ability to increase its proven oil reserves by 10%, said Gholam-Reza Manouchehri, Deputy Chief Executive of the National Iranian Oil Company (NIOC), according to Hellenic Shipping News.

“Fortunately, studies carried out on aged and newly-discovered oilfields indicate that we can enhance Iran’s recoverable crude reserves by at least 10% in the future,” Manouchehri pointed out, according to Financial Tribune.

NIOC assigned several international and domestic companies to conduct geological studies on the geological characteristics of Iranian oilfields, and estimate the fields’ in-place resources as well as recoverable resources.

“[The] new model of Iran Petroleum Contracts (IPC) is one of the basic and fundamental strategies for the development of country’s oil industry,” Manouchehri said at the 2nd International Conference of Exploration and Production.

There are several complexities involved with awarding new petroleum contacts, said Manouchehri, adding that “upstream contractors have made considerable growth in the recent years as compared to the previous years.”