Wednesday, 20 November, 2019

Iran's president: New oil field found with over 50B barrels

Rouhani: Iran finds new oilfield with 53 billion barrels Iran president: State firm found new oilfield with 53 billion barrels of crude
Patty Aguilar | 10 November, 2019, 21:08

Iran has discovered a new oil field in the country's south with over 50 billion barrels of crude, its president said Sunday, a find that could boost the country's proven reserves by a third as it struggles to sell energy overseas over US sanctions.

The deposit lies onshore at a depth of 80 meters (262 feet) and covers 2,400 square kilometers (927 square miles), semi-official Tasnim News reported.

The find would add around 34 per cent to the OPEC member's current proven reserves, estimated by energy giant BP at 155.6 billion barrels of crude oil.

"We have found an oil field with 53 billion barrels of oil in place, 53 billion barrels".

Back in October, the director of the National Iranian Oil Company (NIOC)'s discovery department announced the discovery of new oil and gas fields in the country. At the moment, Iran has some 150 billion barrels of crude oil reserves.

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Iran now has the world's fourth-largest proven deposits of crude oil and the world's second-largest deposits of natural gas.

Iran now ranks fourth in reserves worldwide - behind Venezuela, Saudi Arabia and Canada - with 155.6 billion barrels, according to 2018 data from BP Plc.

Iran now has the world's fourth-largest proven deposits of crude oil and the world's second-largest deposits of natural gas.

Under the accord, Iran agreed to limit its sensitive nuclear activities and allow in global inspectors in return for sanctions relief.

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