Published: Sun, November 10, 2019

Iran's President: New Oil Field Found With Over 50B Barrels

Iran's President: New Oil Field Found With Over 50B Barrels

Iran discovered an oil field containing the equivalent of 53 billion barrels, potentially boosting its reserves as the OPEC member struggles to overcome the effects of sanctions on its energy industry. At the moment, Iran has some 150 billion barrels of crude oil reserves.

After withdrawing from Iran's 2015 nuclear deal with world powers, the U.S. re-imposed sanctions to limit its vital oil trade.

It added that Iran had an estimated 157 billion barrels of proved crude oil reserves in January 2018.

It has the world's fourth-biggest oil reserves and second-largest gas reserves, and shares a massive offshore field in the Persian Gulf with Qatar. Figures can vary wildly by country due to differing standards, though it remains a yardstick of comparison among oil-producing nations.

The deposit lies onshore at a depth of 80 meters (262 feet) and covers 2,400 square kilometers (927 square miles), semi-official Tasnim News reported.

Iran is one of the world's largest oil producers, with exports worth billions of dollars each year.

The remaining parties to the accord - Britain, China, France, Germany and Russian Federation - have worked to save it by avoiding USA sanctions, but their efforts have so far borne little fruit.

Any company or government that buys Iran's oil faces harsh US sanctions, the threat of which also stopped billions of dollars in business deals and sharply depreciated Iran's currency, the rial.

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