Iran Finds New Oil Field of 53bln Barrels

Iran has discovered a new oil field in the country’s south with an estimated 50 billion barrels of crude oil in the oil-rich Khuzestan province, its president Hassan Rouhani said.

However, the US  sanctions against Iranian oil could make it difficult for the oil to find its way to international markets.

Rouhani made the announcement in a speech in the desert city of Yazd. Some 53 billion barrels would be added to Iran’s proven reserves of roughly 150 billion, he said.

He said the oilfield is located in the southwestern province of Khuzestan in a land stretching 2,400 square kilometers between Bostan and Omidiyeh.

The president said exploration activities for the oilfield had begun in 2016, adding that its reserves can be easily tapped in a depth of 80 meters below the earth’s surface.

The country has more than 150 billion barrels of oil, the fourth largest holder of such reserves in the world. Iran is also the second holder of natural gas reserves in the world after Russia.