YEREVAN, DECEMBER 19, ARMENPRESS. Iran has discovered 40 new gas and oil reserves, head of exploration at the National Iranian Oil Company (NIOC) Saleh Hendi said, Press TV reported.

“Iran is currently scouring 60 percent of its total area for new oil and gas reserves, including in places which were deemed until recently the least likely to have hydrocarbon-bearing formations”, Hendi said.

Hendi said 35-40 new hydrocarbon reservoirs have been discovered across Iran, which need development. He said currently Iran is ranked first in the world for oil and gas reserves.

“Just few years ago we were begging to foreign and even Chinese companies for the purchase of some drilling equipment, but we have now become self-sufficient for them,” he said. “We didn’t have any problem after the return of the US sanctions, the exploration plans continue”.

Edited and translated by Aneta Harutyunyan