Iran's president: New oil field found with over 50B barrels

Iran's president: New oil field found with over 50B barrels

Iran has discovered a new oil field containing 53 billion barrels of crude oil, President Hassan Rouhani said Sunday.

They were imposed after the U.S. pulled out of a nuclear deal with world powers past year.

Mentioning the need for new technologies for developing the country's oil fields and for increasing their recovery factor, Rouhani said "Only one percent increase in the recovery from this oil field adds 32 billion dollars to the country's oil revenues and we need world-class technologies to develop the oil industry".

The 80-metre deep field stretches almost 200 kilometres from Khuzestan's border with Iraq to the city of Omidiyeh, Rouhani added. At the moment, Iran has some 150 billion barrels of crude oil reserves.

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.

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Iran now has the world's fourth-largest proven deposits of crude oil and the world's second-largest deposits of natural gas.

Under the accord, Iran agreed to limit its sensitive nuclear activities and allow in worldwide inspectors in return for sanctions relief.

Iran is a founding member of the Organisation of the Petroleum Exporting Countries and sits on what were already the world's fourth-biggest oil reserves and second-largest gas reserves.

Since withdrawing from Iran's 2015 nuclear deal with world powers, the United States has reimposed sanctions to strangle its vital oil trade.

The sanctions have led to a sharp downturn in Iran's economy, pushing the value of its currency to record lows, quadrupling its annual inflation rate, driving away foreign investors and triggering protests.

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