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News number: 8805271234

16:25 | 2009-08-18

Economy

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Iran Discovers Vast Oil Field

TEHRAN (FNA)- Iranian Oil Minister Gholam Hossein Nozari announced on Tuesday that the country has discovered a giant oil field with in-place reserves of over 20,000 billion barrels.



"The relevant information on the exact location and volume of reserves of this oil field will be declared in coming days," Nozari added.

Informed sources at the oil ministry described the oil field as one of the richest discovered in recent years, saying that it holds exploitable reserves of 20,591 billion barrels of crude oil, 692 billion barrels of in-place gas liquefactions reserves and 24,283 billion barrels of in-place liquid hydrocarbon reserves.

Also, the in-place gas reserves discovered in the oil field stand at 11,372 billion cubic feet.

Iran has found 17 oil fields during the last 4 years.