Iran Discovered $552 bn Worth of Oil, Gas Last Year

Iran discovered oil and gas reserves worth $552 billion in the Iranian calendar year which ended in March 2013.

Recoverable reserves of up to 1.891 billion barrels of crude oil and 388 billion cubic feet of natural gas were discovered, Tehran Times reported.

The country has invested about $450 million in oil and gas exploration projects in the current calendar year.

Exploration operations are being conducted mainly in the north western and north eastern parts of the country, the newspaper stated.