Iran has found shale oil reserves of 2bn barrels of light crude in its western Lorestan province, a senior official at the state-run National Iranian Oil Company (NIOC) was quoted as saying on early this week, according to Reuters.
“Based on studies, it is estimated that the shale oil reserves in Ghali Koh in Lorestan amount to 2bn barrels of oil in place,” Bahman Soleimani, NIOC’s deputy director for exploration, told the semi-official news agency Tasnim. “The oil is light.”
Soleimani said exploration was also being carried out for shale gas reserves in the area, and the studies were expected to be completed by October 2017.
Iran’s proven oil reserves of about 160bn barrels, almost 10% of the world’s total, rank it fourth among petroleum-rich countries.
