A huge natural gas reserve has been discovered in south of Iran, Managing Director of the National Iranian Oil Company’s (NIOC) Exploration Department Hormoz Qalavand has announced on Sunday. “Drilling the exploration oil wells has commenced in order to estimate the volume of this new gas reserve,” said Hormoz Qalavand. Although the drop in oil prices is a serious threat to the interests of most oil countries, it also creates the opportunity for the great oil exporters such as Iran and Iraq to concentrate their efforts on expanding their oil capacities and increasing supplies. Under current circumstances, and with the oil prices having hit their lowest record since October 2009 as $60 per barrel, Iran has taken advantage of the temporary paralysis in oil and gas industry by launching exploration projects in the Persian Gulf. Presently, Iran with several large-scale natural gas condensate fields including South Pars, Golshan, Ferdowsi, […]