New oil field discovered in southwestern Iran

July 13th, 2008 - 9:14 pm ICT by IANS  

RIA Novosti
Tehran, July 13 (RIA Novosti) A new oil field with an estimated reserve of more than one billion barrels of crude has been discovered in Iran’s southwestern province of Khuzestan, the country’s oil minister said Sunday. Gholamhossein Nozari said the oil field, located in Khuzestan, is believed to contain 1.1 billion barrels of crude, with recoverable reserves of about 220 million barrels.

Iran ranks fourth in terms of crude reserves after Saudi Arabia, Iraq and Kuwait, as well as fourth in terms of oil production after Saudi Arabia, the US and Russia.

Tehran exports the majority of crude produced in the country.

Iran earned $70 billion from oil sales between March 21, 2007 and March 20, 2008, according to the oil minister.
RIA Novosti

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