Iran has reportedly made its
biggest oil find in 30 years, a giant 26 billion barrel field discovered just as the country is attempting to revive exploration activities. The oilfield in the prolific southwest Khuzestan province has the potential to produce up to 400,000 bpd, officials said.
Iran's potential for big discoveries is one of the incentives now driving major Western oil firms competing to grab big deals. Companies are vying for more than 40 projects, although progress is slow, bogged down by red tape and some domestic opposition from conservative factions. So far Iran has only awarded a handful of projects to foreign companies in offshore projects that are politically less sensitive.