Having 10% and 18% of the world's oil and gas reserves respectively, Iran was the Opec's second largest oil producer in the Iranian year (ending late March 2008). The country also enjoys an outstanding status in meeting the world's energy demands with a production capacity of over 4 million barrels of crude oil per day. It is expected that Iran will supply over 12% of the world's hydrocarbon productions by the next 20 years.
Possessing huge reserves of hydrocarbons, National Iranian Oil Company (NIOC) is considered as one of the world's giant oil companies. For the time being the in place oil and gas of the company are estimated over 137 billion barrels of crude oil and 28 trillion cubic meters of gas.
National Iranian Oil Company (NIOC) managed to increase 2,840 million barrels of crude oil, 1,045 billion cubic meters of gas, and 898 million barrels of NGL and condensates to the country's in place reserves by developing its explorations of 5 oil and gas fields in the year ending late March 2008.
Counting the new reserves discovered in the year ending late March 2008, the overall producible crude oil, condensates, NGL, and gas in the beginning of last Iranian year (starting March 21) was 137.62 billion barrels and 29.61 trillion cubic meters.