November 11, 2019

Iran has discovered a new giant oilfield with 53 billion barrels of crude oil, in Khuzestan province, President Hassan Rouhani said. The announcement would mean Iran’s proven crude oil reserves would be boosted by a third, since the country’s proven crude oil reserves are estimated to be about 150 billion barrels.
Back in October, the director of the National Iranian Oil Company (NIOC)’s discovery department announced the discovery of new oil and gas fields in the country.
Speaking live on state television from the central city of Yazd, Rouhani said the field was located in the country’s southern Khuzestan province, home to its crucial oil industry.
Iran currently has the world’s fourth-largest proven deposits of crude oil and the world’s second-largest deposits of natural gas.
The new oil field could become Iran’s second-largest field after one containing 65 billion barrels in Ahvaz. With a typical recovery factor of 30% the field could produce 16 billion barrels and could be part of the world’s 10 biggest oilfields.
The field is 2,400 square kilometres (925 square miles), with the deposit some 80 metres (260 feet), according to the Tasnim news agency.
the Khuzestan isone of the 31 provinces of Iran. It is in the southwest of the country, bordering Iraq and the Persian Gulf. Its capital is Ahvaz.
(Source: Al Jazeera/Tehran Times – Image: NIDC drilling crew in Khuzestan Province of Iran/Oil and Gas Middle East)