Iran discovers new oil field with over 50 billion barrels

Rouhani: Iran finds new oilfield with 53 billion barrels

Iran President Hassan Rouhani on Sunday announced that the country has discovered a new oil field in the southwest region of Khuzestan province that has the potential to boost its reserves by about a third, BBC reported.

The field is 2,400 square kilometres (925 square miles), with the deposit some 80 metres (260 feet) deep, according to the semi-official Tasnim news agency.

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.

Iran's oil revenues will increase by $32bn (£25bn) "if extraction rate from the oil field increases only 1%", he added.

In January, the International Energy Agency (IEA) presented a report in which it stated that oil production in Iran, constrained by United States sanctions, dropped by 520,000 barrels per day (bpd) in December, down from 2.8 million bpd in October.

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According to the US Energy Information Administration, Iran ranks as the world's fourth-largest reserve holder of oil, and the second-largest holder of gas reserves.

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

But it has struggled to sell its oil since US President Donald Trump withdrew from a landmark 2015 nuclear deal and reimposed unilateral sanctions on Iran.

Any company or government that buys Iran's oil faces harsh USA sanctions, the threat of which also stopped billions of dollars in business deals and sharply depreciated Iran's currency, the rial. Tehran denied the allegation, though it did seize oil tankers and shoot down a USA military surveillance drone.

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