Iran discovers new oil field of 53 bln barrels

Iran discovers new oil field of 53 bln barrels

Agency News

Tehran, Nov 10 : Iran has discovered a new oil field containing 53 billion barrels of crude, President Hassan Rouhani said on Sunday.

“We have discovered a new big oil field with 53 billion barrels of reserves," Rouhani said in a speech to the people of Yazd, reports national news agency IRNA. The field, located in Iran's southwestern province of Khuzestan, covered 2,400 square kilometres and extended from Bostan to Omidiehis, Rouhani said, "This is a small gift by the government to the people of Iran," he said.The find would add around 34 per cent to the OPEC member's current proven reserves, estimated by energy giant BP at 155.6 billion barrels of crude oil.

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. But it has struggled to sell its oil since US President Donald Trump withdrew from a landmark 2015 nuclear deal and reimposed unilateral sanctions on Iran.

Rouhani said that the US should know that Iran is a rich country and despite animosity and the sanctions, Iranian workers and engineers discovered the oil field. (UNI)