TEHRAN, August 19, 09 (Hamsayeh.Net) - A new giant oil field was discovered in southern part of Iran as announced by the top officials on Wednesday. The field is estimated to contain over 20 billion barrels of oil in place.

 

Gholam Hossein Nozari, the Iranian Oil Minister, said: 'the relevant information on the exact location and volume of reserves of this field will be announced in coming days.'

 

Officials at the Oil Ministry also described the new field as one of the richest discoveries of its kind in recent years, adding that the field holds exploitable reserves of 20 billion barrels of crude oil, 692 billion barrels of in-place gas liquefactions and 24 billion barrels of in-place liquid hydrocarbon reserves.

The estimated gas reserves in the field stands at over 11 billion cubic feet.

 

The country's oil exploration teams have found 17 new oil fields during the past four years including 2 major finds - the Azadegan and Yadavaran fields in the province of Khuzestan in southern Iran.

 

Source: Agencies

August 19, 2009