Iran: Oil Discovery Iran Discovers New Oil Feld with Over 50 Billion Barrels of Crude
The newly discovered oil field is expected to increase Iran's proven reserves of roughly 150 billion by about a third. This will also lead to an increase in the country’s oil revenues by 32 billion dollars.
Iran – Iran has discovered a new oil field in the south-western province of Khuzestan with over 50 billion barrels of crude, informed Iran’s President, Hassan Rouhani on Sunday. The mega oil field stretches 2,400 sq km from Bostan to Omidiyeh and has an oil layer depth of 80 m (262 ft). He further stated that the new oil field would increase Iran's proven reserves (roughly 150 billion) by about a third. “Iran's oil revenues will increase by 32 billion dollars if extraction rate from the oil field increases only 1 %”, said the President.
The U.S. has imposed heavy sanctions on Iran after the U.S. pulled out of its nuclear deal with world powers last year. This has created problems for Iran to sell its oil abroad. An Economic Times report states that any company or government that buys Iran's oil faces harsh U.S. sanctions, the threat of which also stopped billions of dollars in business deals and sharply depreciated Iran's currency, the rial.
According to the AP news agency, the new oil field could become Iran's second largest field after the Ahvaz field which contains 65 billion barrels.
Iran is one of the world's largest oil producers, with exports worth billions of dollars each year. It has the world's fourth-biggest oil reserves and second-largest gas reserves, and shares a massive offshore field in the Persian Gulf with Qatar, mentions a BBC news report.