Iran explores new oil field
Iran is exploring a newly-discovered oil field believed to contain more than one bn barrels of crude oil.
By Agencies |
TEHRAN: A local television channel says Iran is exploring a newly-discovered oil field believed to contain more than one bn barrels of crude oil.
The report quotes Iranian Oil Minister Gholamhossein Nozari on Sunday as saying the area holds about 1.1 bn barrels of crude oil. He says about 220 mn barrels are ``recoverable.'' He did not elaborate.
It says the oil field is located near Andimeshk, in the oil-rich province of Khuzestan, some 290 miles (450 kilometers) southwest of Tehran.
As the fourth-largest oil producer in the world, Iran ranks second for output among OPEC Countries, and controls about 5 per cent of the global oil supply.
The report quotes Iranian Oil Minister Gholamhossein Nozari on Sunday as saying the area holds about 1.1 bn barrels of crude oil. He says about 220 mn barrels are ``recoverable.'' He did not elaborate.
It says the oil field is located near Andimeshk, in the oil-rich province of Khuzestan, some 290 miles (450 kilometers) southwest of Tehran.
As the fourth-largest oil producer in the world, Iran ranks second for output among OPEC Countries, and controls about 5 per cent of the global oil supply.
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