Iran Plans Bids for 8 New Oil & Gas Blocks

The Exploration Director of the National Iranian Oil Company, Mahmoud Mohaddess, announced that tenders will be held for 8 new oil and gas exploration blocks in the near future.

According to Mohaddes, documents are being prepared. He has not given further information about the bids.

The official added that Iran plans to explore new reserves of 500 million barrels of oil and 5 Tscf over the next five years

Earlier Mohaddes said that during the course of the Fourth Five-Year Development Plan (2005-2010), the country has discovered 19 new oil fields and 8 new gas reserves and US$1.5 budget has been forcasted for the implementation of explorations.  - Press TV, Pool