Iran says oil field found with more than 50 billion barrels

Must Read

Crucial aspects of Guyana’s oil & gas development on back burner as election impasse drags on

The South American country of Guyana entered 2020 with great expectations for a bright future as oil production got...

Apache extends Noble Sam Croft contract for Suriname campaign

Apache Corporation, operator at Block 58 offshore Suriname, has extended its contract for the Noble Sam Croft drillship by...

Brazil, Angola take bigger share of Chinese oil market

China imported crude oil at the rate of 11.93 million barrels per day last month, 25.4 percent faster than...
OilNOW
OilNow is an online-based Information and Resource Centre which serves to complement the work of all stakeholders in the oil and gas sector in Guyana.

(Associated Press) Iran has discovered a new oil field in the country’s south with over 50 billion barrels of crude oil, its president said Sunday, a find that could boost the country’s proven reserves by a third as it struggles to sell energy abroad over U.S. sanctions.

The announcement by Hassan Rouhani comes as Iran faces crushing American sanctions after the U.S. pulled out of its nuclear deal with world powers last year.

Rouhani made the announcement Sunday in a speech in the desert city of Yazd. He said the field was located in Iran’s southern Khuzestan province, home to its crucial oil industry.

Some 53 billion barrels would be added to Iran’s proven reserves of some 150 billion, he said.

“I am telling the White House that in the days when you sanctioned the sale of Iranian oil, the country’s workers and engineers were able to discover 53 billion barrels of oil,” Rouhani said, according to the semi-official Fars news agency.

Oil reserves refer to crude that’s economically feasible to extract. Figures can vary wildly by country due to differing standards, though it remains a yardstick of comparison among oil-producing nations.

Iran currently has the world’s fourth-largest proven deposits of crude oil and the world’s second-largest deposits of natural gas. It shares a massive offshore field in the Persian Gulf with Qatar.

The new oil field could become Iran’s second-largest field after one containing 65 billion barrels in Ahvaz. The field is 2,400 square kilometers (925 square miles), with the deposit some 80 meters (260 feet) deep, according to the semi-official Tasnim news agency.

Since the U.S. withdrew from the 2015 nuclear deal, the other countries involved — Germany, France, Britain, Russia and China — have been struggling to save it. However, they’ve offered no means by which Iran can sell its oil abroad. Iran since has gone beyond the deal’s stockpile and enrichment limits, as well as started using advanced centrifuges barred by the deal. It just began injecting uranium gas into centrifuges at an underground facility as well.

The collapse of the nuclear deal coincided with a tense summer of mysterious attacks on oil tankers and Saudi oil facilities that the U.S. blamed on Iran. Tehran denied the allegation, though it did seize oil tankers and shoot down a U.S. military surveillance drone.

- Advertisement -

Latest News

Santokhi is new Suriname President

(StarNieuws) Chan Santokhi has just been elected President of the Republic of Suriname and Ronnie Brunswijk as Vice President. The...

Crucial aspects of Guyana’s oil & gas development on back burner as election impasse drags on

The South American country of Guyana entered 2020 with great expectations for a bright future as oil production got underway last December and an...

Apache extends Noble Sam Croft contract for Suriname campaign

Apache Corporation, operator at Block 58 offshore Suriname, has extended its contract for the Noble Sam Croft drillship by executing an option for another...

Brazil, Angola take bigger share of Chinese oil market

China imported crude oil at the rate of 11.93 million barrels per day last month, 25.4 percent faster than a year earlier and the...

Bristow observes 1,000 days accident-free

Nine bases throughout the Americas reached the critical milestone of a 1,000 days without a recordable incident on June 18, 2020: making them 1,000...

More Articles Like This