Iran has struck new crude oil reserves totaling 15 billion barrels of which 2 billion barrels are recoverable, according to the managing director of the National Iranian Oil Company Ali Kardor. Along with the crude, there were 1.8 trillion cu m of natural gas in the new deposits, details of whose location were not divulged. Half of this was recoverable, Kardor also said, as quoted by local media. The exploitation of these newly found reserves would require massive investments and modern technology, which Iran does not have at the moment. The discoveries are likely to lead to more tenders targeting international oil companies, which have the technology to tap them. This could turn tricky if the U.S. decides to impose more sanctions against Tehran, after last week the Trump administration slammed the country with fresh sanctions against individuals and entities linked to the special forces of Iran’s army, the […]