New oilfield discovered in Iran

July 20th, 2008 - 8:01 pm ICT by IANS  

Tehran, July 20 (Xinhua) Iran Sunday said a new oilfield has been discovered in the southern part of the country with an estimated reserve of 525 million barrels. Satellite channel Press TV quoted oil minister Gholam-Hossein Nozari as saying that the discovery near the port city of Assaluyeh is “unprecedented given that all previous discoveries in the area are gasfields”.

The new oilfield is located near the port city of Assaluyeh in Bushehr province, Nozari said.

Nozari said last week that Iran has discovered a new oilfield in the south-west province of Khuzestan with an estimated reserve of more than one billion barrels.

The Islamic country is world’s fourth largest oil producer and ranks second among the Organization of the Petroleum Exporting Countries (OPEC), of which it is a member.

Iranian officials have said that the country’s oil reserve is estimated at more than 130 billion barrels, about 12 percent of global reserves.

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