Iran says it has increased its oil reserves to 175 billion bbl, extending its lead over neighboring Iraq as the second-largest resource holder in Opec. The boost comes as Tehran prepares to open its upstream sector to foreign investment after the lifting of sanctions last month (IOD Jan.19'16). Iran added nearly 18 billion bbl of oil reserves over its previous reported tally of 157.5 billion bbl, state news agency Shana said Wednesday. It also updated its gas reserves, which total 33.5 Tcm--slightly below the 34 Tcm Iran had at the end of 2014, according to the BP statistical yearbook.
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