Talking to reporters on the sidelines of the weekly cabinet session, Javad Owji added the discovery of four fields has soared the country’s recoverable liquid hydrocarbons by 2.6 billion barrels.

Hirkan oil field in northeastern province of Golestan, Tengoo and Genaveh oil fields in southwestern province of Bushehr, and Cheshmeh Shour gas field in northeastern province of Khorasan Razavi are the four fields discovered in the past two years, he continued.

Given the latest discoveries, the reserve replacement ratio for liquid hydrocarbon is 87 percent, mentioned the minister, explaining it means if 100 barrels of crude oil and gas condensates are produced in Iran and consumed inside the country or exported to other countries, 87 barrels of that output have been replaced by newly-discovered deposits.

Owji said 3D seismic data acquisition operations have increased 300 percent under the 13th administration when compared with surveys carried out during the four years of the 12th administration’s term.

Iran stands top among regional countries, including Saudi Arabia, Iraq, Kuwait, the United Arab Emirates, and Qatar, in terms of exploration, said the minister, adding all wells drilled for exploration purposes under the 13th administration have contained hydrocarbon, meaning the exploration success rate has stood at 100 percent.

Over the past two years, he continued, $20 billion have been invested to complete the unfinished projects with the aim of increasing production and added value.

Asked about a drilling rig stolen in southwestern province of Khuzestan, the minister said it belongs to a private company, is not owned by the government and is not among assets of Babak Zanjani [who has been convicted of embezzlement], adding the rig had been abandoned there for years.

He said a working group has been formed by the National Iranian oil Company (NIOC) and supervisory bodies to transfer the assets of Zanjani to the Oil Ministry.