Iran reports new oil field with 53 billion barrels reserve
11 November 2019
Iran has reported the discovery of a new oil field estimated to have about 53 billion barrels of crude, which could add a third to Iran’s current proven oil reserves. President Hassan Rouhani announced this in a speech broadcast by state TV channel on Sunday.
The field, covering 2,400 square kilometres, is located in Iran's south-western province of Khuzestan, Rouhani said in his televised speech.
"This is a small gift by the government to the people of Iran," he said.
The 80-metre deep field stretches nearly 200 kilometres from Khuzestan's border with Iraq to the city of Omidiyeh, Rouhani added.
The find would add around 34 per cent to Iran’s proven reserves, estimated by energy giant BP at 155.6 billion barrels of crude.
That means another 50 billion barrels would be added to Iran’s proven reserves, taking it to over 200 billion barrels.
Proven reserves are those that are commercially feasible to extract.
The new oil field could become Iran’s second-largest field after one containing 65 billion barrels in Ahvaz.
Iran, a founding member of the Organisation of the Petroleum Exporting Countries, already owns the world's fourth-biggest oil reserves and second-largest gas reserves.
The Islamic Republic has, however, been unable to realise its full oil potential because of the economic and trade sanctions – first imposed by the United nations and then by the United States after President Donald Trump decided to withdraw from a landmark 2015 nuclear deal and reimposed unilateral sanctions on Iran.