Iran and Iraq signed five deals to promote cooperation in various fields on the first day of Iranian President Hassan Rouhani’s trip to Baghdad.

The National Iranian Oil Company (NIOC) introduced a million barrels of gas condensate at the Iran Energy Exchange (IRENEX).

NIOC announced the amount of recoverable reserves of the countrys liquid hydrocarbons, saying Iran sits atop an estimated total of 160.12 billion barrels and its natural gas reserves stand at 33.33 trillion cubic meters.

Iran’s Minister of Petroleum Bijan Zangeneh said Tuesday the country’s recoverable oil stood at 160 billion barrels.

The Speaker of the Iranian Parliament, Ali Larijani, said there were good grounds for Japan’s investment in different sectors such as oil, gas and petrochemicals in Iran.

Iranian Minister of Petroleum Bijan Zangeneh said oil was discovered in the countrys southwestern Abadan region for the first time.

The National Iranian Oil Company (NIOC) is planning to issue Rls. 30,000 billion in fixed rate bonds by the end of the current calendar year to March 20 in order to finance projects aimed at maintaining and enhancing production capacity of oil and gas fields.

Iranian Central Oil Fields Company Signed 3 Contracts with Local Firms for Maintaining, Enhancing Oil Production capacity of a number of ICOFC fields in three operational regions.

A senior official with the National Iranian Oil Company (NIOC) said the company viewed northern oil-rich regions as a priority just like southern areas for development of the oil industry.

A senior Iranian energy official said the country was supplying a total of 800 million cubic meters/day of natural gas or 5 mbd of oil equivalent.