Iran finds extensive shale oil reserves

The state-run National Iranian Oil Company (NIOC) found 2 billion barrels of light crude shale oil reserves in the Khali Koh region in Western Iran’s Lorestan province. The oil was located during explorations for gas reserves, and the exploration and soil studies of the new field are expected to be complete by autumn 2017.

At the present, Iran holds 10 percent of the world’s oil reserves, or 160 billion barrels. This places Iran 4th among the petroleum producing countries. Iranian crude oil exports to major buyers in Asia, including China and India, have reached record highs. According to recent estimates, Chinese firms were expected to lift between 3 to 4 million more barrels of Iranian oil each quarter in 2017 than last year, as China’s demand for foreign crude grows.

This news comes after oil giants ExxonMobil and Chevron have pulled out of the region, including neighboring Kurdistan, partly in response to growing security concerns, since the emergence of the Islamic State in Iraq and Syria. Iran has sought to challenge US and Saudi interests in the region.

LIMA CHARLIE NEWS, MENA

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