Iran Discovers 3 Huge Oil Reserves
Fars News Agency – July 31, 2008
Iran found three significant oil deposits in the southwest of the country, Oil Minister Gholam Hossein Nozari said.
Currently, Iran is the second largest producer among the countries of OPEC, behind Saudi Arabia.
The latest discovery was made near the city of Abadan. The estimated oil-in-place amounts to 500 million barrels.
Nozari said the new oilfield would be called Arvand.
On July 20, the Oil Minister said that the National Iranian Oil Company had made a discovery in the coastal city of Assaluyeh, in an area, which previously yielded only gas.
The estimated oil in place is 525 million barrels.
On July 13, Nozari said that Iran has made a new big discovery in Andimeshk in the oil-rich province of Khuzestan, with recoverable reserves estimated at 233 million barrels and 1.1. Billion total crude reserves.
The new discoveries are giving credibility to Iran's claims that it will increase its output by 0.1 million barrels a day by next March.
Last updated 03/08/2008