Iran discovers new oil field with 53 billion barrels of crude

Iranian President Hassan Rouhani revealed that a new oil field that would increase Iran’s proven reserves by about a third was discovered.

The field, in the south-western province of Khuzestan and about 2,400 sq km in area, contains 53 billion barrels of crude, he claimed.

At the moment Iran has isn’t able to sell its oil abroad because of tough U.S. sanctions that were imposed after the President Trump pulled out of the nuclear deal.

The sanctions have led to a sharp downturn in Iran’s economy, pushing the value of its currency to record lows, quadrupling its annual inflation rate, driving away foreign investors and triggering protests.

“We have found an oil field with 53 billion barrels of oil in place, 53 billion barrels. This is in a big oil field that stretches 2,400 sq km from Bostan to Omidiyeh. The oil layer has a depth of 80m (262ft). I am telling the White House that in the days when you sanctioned the sale of Iranian oil, the country’s workers and engineers were able to discover 53 billion barrels of oil,” Rouhani was quoted.

Iran’s oil revenues will increase by $32 billion (“if extraction rate from the oil field increases only 1%”, he added.

The new oil field could become Iran’s second largest field after the one containing 65 billion barrels in Ahvaz.

Iran is one of the world’s largest oil producers, with exports worth billions of dollars each year. The nation is worth about 150 billion barrels of oil now, and is the world’s fourth-biggest oil reserves and second-largest gas reserves. It also shares a massive offshore field in the Persian Gulf with Qatar.

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