Iran Says Oil Field Found With More Than 50 Billion Barrels

Hassan Rouhani said the field was located in Iran’s southern Khuzestan province home to its crucial oil industry

Hassan Rouhani said the field was located in Iran’s southern Khuzestan province home to its crucial oil industry

A new oil field that would increase Iran's proven reserves by about a third has been discovered, President Hassan Rouhani has said.

In his speech, Rouhani mentioned that the field was found in the Khuzestan Province, an area rich with oil, and this newly discovered field would become the second largest in the Ahvaz region (the capital of the Khuzestan Province).

Company or governments that buy Iran's oil face harsh US sanctions.

The US began to ratchet up pressure on Iran in 2018 after withdrawing from the 2015 nuclear deal, known as the Joint Comprehensive Plan of Action (JCPOA).

Iran's oil revenues will increase by $32bn (£25bn) "if extraction rate from the oil field increases only 1%", he added.

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President Rouhani's 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.

Iran now has the world's fourth-largest proven deposits of crude oil and the world's second-largest deposits of natural gas.

Iran on Sunday claimed to have found a new oil field that would boost its supply by a third - delivering the news with a shot at United States sanctions.

Oil reserves refer to crude that is economically feasible to extract.

Under the accord, Iran agreed to limit its sensitive nuclear activities and allow in worldwide inspectors in return for sanctions relief.

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