BAKU, Azerbaijan, October 18. Oil and gas exploration is currently underway near Azerbaijan’s border and in Iran’s northwestern Ardabil province, Mohyeddin Jafari, Head of the Exploration Department at the National Iranian Oil Company, told local media, Trend reports.
Jafari noted that both two-dimensional (2D) and three-dimensional (3D) surveys are being conducted.
He pointed out that, given Azerbaijan’s existing oil production and reservoirs, there is growing optimism about discovering new fields in Ardabil.
The company rep added that exploration activities are ongoing in 26 Iranian provinces, including Khuzestan, Fars, Ardabil, North Khorasan, South Khorasan, Razavi Khorasan, Kermanshah, Ilam, and Bushehr.
Iran’s total hydrocarbon reserves are estimated at 1.2 trillion barrels, of which around 340 billion barrels can be extracted with current technology. The country is currently able to exploit roughly 30% of its reserves, leaving 70% untapped underground.