Iran's leader says a newly discovered oil field contains some 53 billion barrels that would be added to its known reserves of roughly 150 billion.
Iran has discovered a new oil field in the country’s south with more than 50 billion barrels of crude, its president said Sunday, a find that could boost the country’s proven reserves by a third as it struggles to sell energy abroad over U.S. sanctions.
Rouhani made the announcement in a speech in the desert city of Yazd. He said the field was in Iran’s southern Khuzestan province, home to its crucial oil industry.Advertisement Oil reserves refer to crude that’s economically feasible to extract. Figures can vary wildly by country because of differing standards, though it remains a yardstick of comparison among oil-producing nations.
The new oil field could become Iran’s second-largest field after one containing 65 billion barrels in Ahvaz. The field is 925 square miles, with the deposit some 80,260 feet deep, Rouhani said.Since the U.S. withdrew from the 2015 nuclear deal, the other countries involved — Germany, France, Britain, Russia and China — have been struggling to save it. However, they’ve offered no means by which Iran can sell its oil abroad.
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