New oil field with 53b barrels of reserve discovered in Iran

Cheryl Sanders
November 11, 2019

Iran President Hassan Rouhani on Sunday announced that the country has discovered a new oil field in the southwest region of Khuzestan province that has the potential to boost its reserves by about a third, BBC reported.

Rouhani also noted that the major discovery has been made under American sanctions against Iran's oil industry, stressing that the U.S. has become disappointed with the policy of pressure on Iran.

He said the oil field in the southwestern province of Khuzestan covers an area of 2,400 square kilometers.

"This is a small gift by the government to the people of Iran", he said in a speech from the central city of Yazd, according to Agence France-Presse.

Iran has been struggling to sell oil overseas because of tough United States sanctions.

In comments in April, Leader of the Islamic Revolution Ayatollah Seyed Ali Khamenei said the US' attempts to block the export of Iranian oil will get nowhere as Tehran will be exporting any amount of crude it needs and wants.

According to the US Energy Information Administration, Iran ranks as the world's fourth-largest reserve holder of oil, and the second-largest holder of gas reserves.

The new oil field could become Iran's second largest field after the one containing 65 billion barrels in Ahvaz, says the AP news agency.

US President Donald Trump reinstated the sanctions against Iran a year ago after abandoning the landmark 2015 nuclear deal between Iran and six world powers.

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