Iran says finds new oilfield with 53 billion barrels of crude

Published On: November 10, 2019 06:57 PM NPT By: Reuters


DUBAI, Nov 10 : 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.

“Workers and the exploration arm of the National Iranian Oil Company ...have found an oilfield with 53 billion barrels of reserves,” Rouhani said in a televised speech in the central city of Yazd.

The field stretches over 2,400 sq km (927 sq miles) in the oil-rich Khuzestan province, Rouhani said.

Iran ranks as the world’s fourth–largest reserve holder of oil, and the second-largest holder of gas reserves, according to the U.S. Energy Information Administration (EIA).

 

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