Iran aims to increase its reserves at 160 billion barrels
The increase of oil production by 175,000 barrels per day is due as the Iranian government implements 11 new plans.
The first phase of the plan involve oilfields in Yadavaran, Sarvestan, Saadatabad, Hengam, Forouzan, Reshadat, Aban, and Paydar. Later phases and serious new plans will see oil production raised by 500,000 barrels per day.
Iranian oil Minister Qasemi announced back in July 2012 the discovery of new oil reserves around the Yadavaran oilfield in Khuzestan Province, the exploitation of which will increase Iran's reserves at almost 160 billion barrels.