Tehran, August 24, 09 (Hamsayeh.Net) - As it was announced earlier this week a gigantic oil reserve has been discovered in southwestern part of the country. The Iranian Oil Minister, Manuchehr Nozari this morning confirmed the new discovery in the vicinity of the Sousangerd field in the Khuzestan province in Iran.
'The volume of the expected and possible in-place reserves in the discovered layers amount to 5.83 billion barrels of oil.' Manuchehr Nozari said.
The discovery is expected to help increase Iran's current output for the coming years. He said the Ministry plans on preparing a development plan for the field in the near future.
Oil Experts believe the total reserves of the newly discovered field to be much higher than initial estimates. In fact the oilfield is one of the richest finds in recent years in Iran. This field could hold over 20 billion barrels of crude, 692 billion barrels of in-place gas liquefactions as well as over 24 billion barrels of liquid hydrocarbon reserves in addition to nearly 12 trillion cubic feet of natural gas.