Iran discovers 6b barrels of new oil reserves

DHAKA: Iran oil Minister Rostam Qasemi has announced that oil reserves of up to 6 billion barrels have been discovered in southwest Iran.

The reserves are located around the Yadavaran oilfield in Khuzestan province, Qasemi said.

‘With this new discovery the volume of retrievable oil reserves in the country increased 5 to 6 billion barrels’, Shana news agency quoted Qasemi as saying, reports Tehran Times.

It had previously been reported that Iran’s recoverable oil and natural gas reserves stood at 154.8 billion barrels and 33.1 trillion cubic meters, respectively.

With the new oil discovery Iran’s oil reserves stand at about 160 billion barrels.

The country’s oil and natural gas reserves will last up to 80 years and 150 years respectively, if the current production and export levels remain steady.

Qasemi went on to say that output at the Yadavaran oilfield is currently about 20,000 barrels per day, which will be increased to 200,000 barrels per day in the future.

On March 3, oil official Mahmoud Mohaddes announced that a large oilfield, which holds huge amounts of high-quality crude, had been discovered in southwestern Khuzestan province.

BDST: 1726 HRS, JUL 4, 2012

Edited by Robab Rosan, Cultural Affairs Editor