The National Iranian Oil Company (NIOC) is preparing to launch 23 new oil and gas exploration blocks—both onshore and offshore—in a bid to boost exploration activities and attract both domestic and international investment.
These blocks, located across diverse geological regions including the Caspian Sea and other offshore and onshore zones, hold a combined estimated in-place reserve of over 193.8 billion barrels of oil and 783 trillion cubic feet of natural gas.
Spanning a total area of approximately 108,000 square kilometers, this initiative represents a major step forward in expanding Iran’s upstream energy potential. The goal is not only to discover new hydrocarbon reserves but also to enhance national production capacity and long-term energy security.
Of the 23 blocks, five are located in the Caspian region, covering around 11,625 square kilometers, and are believed to contain roughly 191.8 billion barrels of oil and 738 trillion cubic feet of gas. The remaining 18 blocks, managed directly by NIOC’s Exploration Directorate, are spread across various inland regions, covering 96,290 square kilometers with an estimated 2.075 billion barrels of oil and 45 trillion cubic feet of gas.
This strategic unveiling aligns with NIOC’s broader policy to optimize Iran’s hydrocarbon potential and reinforce its standing in the global energy market.
The initiative will be formally introduced during the “Transformation in Investment and Development in Iran’s Upstream Oil and Gas” event. At this event, NIOC plans to present over 200 investment opportunities, tailored for large-scale, mid-sized, and small investors through a range of contractual models.