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Iran discovers oil field with 53 bil barrels of crude

Nov 14, 2019 19:12

Iran has discovered a new oil field that has 53 billion barrels of crude in place, the country’s president said on Sunday.

The oil field in the southwest province of Khuzestan that straddles the border with Iraq spans 2,400 square km and is 80 meters deep, Hassan Rouhani said in a televised address from the central province of Yazd.
Iran had proved oil reserves of 155.6 billion barrels at the end of 2018, or 9% of the world’s total, according to the BP Statistical Review of Energy 2019.
Iran said in October it discovered a natural gas deposit in the southern province of Fars, holding as much as 19 trillion cubic feet of the fuel.
Iran shares ownership of the world’s largest natural gas deposit, South Pars and North Field in the Persian Gulf, with Qatar. While the field has helped Qatar to become the world’s largest liquid natural gas exporter, Iran has mostly used its part of the field for domestic uses.
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