Iran discovers two new oil layers

Iran has discovered two new oil layers in its joint oilfields, the managing director of the Iranian Central Oil Fields Company announced on Monday. ICOFC Managing Director Mehdi Fakour did not mention the exact location of the oil layers but said that it is projected that oil production will begin in 2013 at the sites, which are also expected to produce 15 million cubic meters of natural gas, the Fars News Agency reported. He stated that exploration operations are currently underway to find another oil layer in the area. Over the past 12 months, six oil and gas fields have been discovered in Iran, which has increased the country’s oil and gas reserves. According to the latest studies, the country's oil reserves have reached 150.31 billion barrels, which is roughly 10 percent of the world’s total proven petroleum reserves, according to the SHANA news agency. Iran is the world's fourth-largest oil producer and is OPEC’s second-largest producer after Saudi Arabia.