Based on the results of recent geological prospecting work, oil reserves in Iran reached 159 billion barrels, which is the third largest reserve in the world after Venezuela and Saudi Arabia, director of exploration department of the National Iranian Oil Company Hormoz Kalavand told economic conference, ForUm correspondent reports.

According to the expert, approximately $ 450 million have been allocated in 2013 for oil exploration. It is planned to drill the wells of a total depth of 23 km to explore about 400 million barrels of oil and 125 billion m3 of natural gas.

Kalavand specified that 6 land drilling rigs are used for exploration, mainly concentrated in the border areas. At the end of May, it is planned to install the offshore platform in the Arabian Gulf.

Head of the Iranian Oil, Gas,& Petrochemical Products Exporters Association Hassan Hosroudzherdi added that in view of ongoing projects, earnings of petrochemical industry in 5 years may overshadow traditional earnings of this industry. "These two industries complement each other. We pay much attention to the implementation of petrochemical projects and the construction of new refineries. If it is decided to abandon the export of raw materials, the flow of foreign funds into the state treasury may be secured by the export of petrochemical products at the level of income from the export of crude oil," the expert noted.

Hosroudzherdi added that the private sector produced the largest share in the petrochemical industry. In addition, the development program of Iran tasks tocome out on top in the region in the production of petrochemical products, it is also planned to increase the requirements for its quality.

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