UNITED STATES (OBSERVATORY NEWS) — Iranian President Hassan Rouhani announced on Sunday the discovery of an oil field in the southwest of the country with reserves estimated at 53 billion barrels of oil, increasing the proven reserves to date by one third.
The field covers an area of 2400 square kilometers and is located in the province of Khuzestan (southwest), according to Rouhani in a speech carried by Iranian television.
“This is a small gift from the government to the Iranian people,” Rowhani said.
The 80-meter-deep field extends some 200 kilometers from the border of Khuzestan province with Iraq to the city of Amidia.
The new field will add about 34 percent to the proven reserves of the member state of the Organization of Petroleum Exporting Countries (OPEC), which is estimated by the giant oil group “BP” about 155.6 billion barrels of crude oil.
Iran is a founding member of OPEC and has the fourth largest oil reserves and the second largest gas reserves in the world.
Iran has struggled to sell its oil since the United States withdrew from the 2015 nuclear deal and reimposed sanctions on Tehran.
Other signatories – Britain, China, France, Germany and Russia – are trying to salvage the deal by avoiding US sanctions, but their efforts have so far not borne fruit.
This article is written and prepared by our foreign editors writing for OBSERVATORY NEWS from different countries around the world – material edited and published by OBSERVATORY staff in our newsroom.
OBSERVATORY — Breaking news source, real-time coverage of the world’s events, life, politics, money, business, finance, economy, markets, war and conflict zones.
Contact us: [email protected]
We are OBSERVATORY — the only funding and support we get from people – we are categorically not funded by any political party, any government somewhere or from any grouping that supports certain interests – the only support that makes OBSERVATORY possible came from you.