Wednesday Oct 18, 2017

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Iran 3rd in World for Exploration Capacity: USGS

(Wednesday, October 11, 2017) 18:15

TEHRAN, Oct. 11 (Shana) -- Iran is ranked as the third country in the world, after Russia and Iraq, for enjoying exploration capacity, according to the United States Geological Survey (USGS).

Addressing an upstream forum at the 3rd Iranian Petroleum and Energy Club Congress and Exhibition in Tehran on Wednesday, Director of Exploration at the National Iranian Oil Company (NIOC) Seyed Saleh Hendi said demand for oil and gas will rise in the future given the fact that consumption of oil is lowering in the world.

He said it is estimated that demand for oil and gas will exceed their supply in the future, adding more exploration is needed to address the flowing demand for oil and gas in the future.