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Iran's president: New oil field found with over 50B barrels

10 November 2019

Iranian President Hassan Rouhani announced on Sunday the discovery of a major oil field with an estimated in-place reserve of 53 billion barrels in southwestern Khuzestan province, Shana reported.

They were imposed after the United States pulled out of a nuclear deal with world powers previous year. This is in a big oil field that stretches 2,400 sq km from Bostan to Omidiyeh.

Rouhani made the announcement in a speech in the desert city of Yazd.

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Oil reserves refer to crude that's economically feasible to extract.

Domestic media reported the discovery on Sunday, and the oil ministry said it plans to hold a news conference on Monday to announce details of the find.

The new oil field could become Iran's second-largest field after one containing 65 billion barrels in Ahvaz.

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Iran now ranks fourth in reserves worldwide - behind Venezuela, Saudi Arabia and Canada - with 155.6 billion barrels, according to 2018 data from BP Plc.

The announcement by Hassan Rouhani comes as Iran faces crushing American sanctions after the USA pulled out of its nuclear deal with world powers a year ago.

For scale, Venezuela's oil reserves are the largest in the world at 297 billion barrels while Russia's reserves stand at 80 billion barrels.

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The sanctions have led to a sharp downturn in Iran's economy, pushing the value of its currency to record lows, quadrupling its annual inflation rate, driving away foreign investors and triggering protests.

Iran's president: New oil field found with over 50B barrels