Nov 10, 2019 20:35 UTC
  • Iran to release details of massive oilfield discovered in south: Reports

Oil minister is due to give more details about a massive oilfield that has been discovered south of the country.

Media reports on Sunday suggested that Bijan Namdar Zanganeh will officially announce the discovery of the oilfield in a press conference a day later in Tehran.

The reports came after President Hassan Rouhani said earlier on Sunday that Iranian engineers and technicians had managed to discover an oilfield with 53 billion barrels of reserves.

Speaking to a gathering of people in the central city of Yazd, Rouhani hailed the discovery as a success at a time of increased pressure and sanctions on Iran’s oil industry.

He said the oilfield is located in the southwestern province of Khuzestan in a land stretching 2,400 square kilometers between Bostan and Omidiyeh.

The president said exploration activities for the oilfield had begun in 2016, adding that its reserves can be easily tapped in a depth of 80 meters below the earth’s surface.

Rouhani’s announcement about the oilfield means that Iran’s proven reserves of oil have increased by around a third.

The country has more than 150 billion barrels of oil, the fourth largest holder of such reserves in the world.

Iran is also the second holder of natural gas reserves in the world after Russia.