Iran discovers new oil field with 53 Bn barrels of reserves

Iran has discovered a new oilfield with 53 billion barrels of crude oil in Khuzestan province, home to Iran’s Khuzestan’s crucial oil industry. The announcement however did not reveal how much oil could be produced from the reservoir but the find could boost country’s battered economy amid stringent US sanctions.

Key Highlights of Discovery

The new oil field discovered is 2,400 square kilometres (925 square miles), with the deposit some 80 metres (260 feet) deep.

The discovery of field is expected to boost country’s proven 150 billion barrel reserves by a third. It could also become Iran’s second-largest field after one in Ahvaz containing 65 billion barrels.

Iran’s Oil Reserves:

Iran currently has about proven crude oil reserves of 155.6 billion barrels and this new oil filed discovery would add about 34% to its total reserves.

At present, the US Energy Information Administration (EIA) ranks Iran as having world’s fourth-largest proven deposits of crude oil and world’s second-largest deposits of natural gas. If the size of new oil reserves is proven to be accurate, it would lift the country to 3rd place, just below its regional enemy Saudi Arabia.

Iran is also a founding member of the Organization of the Petroleum Exporting Countries (OPEC).

Month: Current Affairs - November, 2019