Iran raises gas reserves at Kish gas field

National Iranian Oil Company (NIOC) Director for Exploration Mahmoud Mohaddes said that following the recent exploration operations, gas reserves at Iran's Kish gas field in the Persian Gulf increased by 26 trillion cubic feet. He added the latest drilling operations and exploration studies indicated that natural gas reserves at this offshore gas field have increased to 66 trillion cubic feet from the previous 40 trillion cubic feet. Earlier this month, leading Iranian energy officials announced that the country is resolved to accelerate development of the Kish Gas Field. Speaking during a visit to the Persian Gulf island of Kish, Iranian Oil Minister Rostam Qassemi said the gas field not only is able to meet domestic needs but could also supply gas to the region. He further called on accelerating development of the gas field and completing the drilling operations. "The National Iranian Oil Company and its subsidiaries should finish drilling wells and start gas production as soon as possible," Qassemi said at the time. He said bulk of Iran's gas reserves is located in the Kish gas field so development and exploitation of the gas field will foster development of the country. Iran boasts the world's second-largest natural gas reserves after Russia. Iran is OPEC's second-largest oil producer after Saudi Arabia, and has 150.3 billion barrels of crude oil and 33.1 trillion cubic meters of natural gas, according to the latest official statistics. In November Iran increased the estimate of its natural gas reserves. Iran's Deputy Oil Minister Mohsen Khojastemehr said at the time the estimate had been raised by 900 billion cubic meters to 34 trillion cubic meters due to new discoveries made in the last two years.