Iranian president Hassan Rouhani said on Sunday that his country has discovered a new oil field in the south with over 50 billion barrels of crude.
The find could boost the boost Iran’s battered economy amid stringent US sanctions
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If the size of the new oil reserves is accurate, it would lift the country to third place, just below its regional foe Saudi Arabia.
MSN reports: Rouhani made the announcement in a speech in the desert city of Yazd. He said the field was located in Iran’s southern Khuzestan province, home to its crucial oil industry.
Some 53 billion barrels would be added to Iran’s proven reserves of roughly 150 billion, he said.
“I am telling the White House that in the days when you sanctioned the sale of Iranian oil and pressured our nation, the country’s dear workers and engineers were able to discover 53 billion barrels of oil in a big field,” Rouhani said.
Oil reserves refer to crude that’s economically feasible to extract. Figures can vary wildly by country due to differing standards, though it remains a yardstick of comparison among oil-producing nations.
Iran currently has the world’s fourth-largest proven deposits of crude oil and the world’s second-largest deposits of natural gas. It shares a massive offshore field in the Persian Gulf with Qatar.
The new oil field could become Iran’s second-largest field after one containing 65 billion barrels in Ahvaz. The field is 2,400 square kilometers (925 square miles), with the deposit some 80 meters (260 feet) deep, Rouhani said.
Since the U.S. withdrew from the 2015 nuclear deal, the other countries involved — Germany, France, Britain, Russia and China — have been struggling to save it. However, they’ve offered no means by which Iran can sell its oil abroad. Iran since has gone beyond the deal’s stockpile and enrichment limits, as well as started using advanced centrifuges barred by the deal. It also just began injecting uranium gas into centrifuges at an underground facility.