Iran oil: New field with 53bn barrels found - Rouhani

Clay Curtis
November 10, 2019

DUBAI-Iran has discovered a new oilfield in the southwest of the country that has the potential to boost its reserves by about a third, President Hassan Rouhani said on Sunday. At the moment, Iran has some 150 billion barrels of crude oil reserves.

The oil field has a depth of 80 meters and extends over 2400 square kilometers between Bostan District in Dasht-e Azadegan County and Omidiyeh County in the oil-rich province. However, they've offered no means by which Iran can sell its oil overseas.

"Despite America's sanctions. Iranian workers have found an oil field with 53 billion barrels of reserves", Rouhani said in a televised speech on Sunday.

The new oil field could reportedly become Iran's second-largest field, following the one containing 65 billion barrels in Ahvaz city.

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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 is a founding member of the Organisation of the Petroleum Exporting Countries and sits on what were already the world's fourth-biggest oil reserves and second-largest gas reserves.

The discovery comes at a time when Iran has suffered economically under a series of United States' sanctions aimed to limit its nuclear program.

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

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