Iran Discovers 525MM Barrel Oil Field

LONDON (Dow Jones Newswires), July 21, 2008

Iran has announced the discovery of a new oil field with in-place reserves of around 525 million barrels, the English-language PressTV Web site reports, citing Oil Minister Gholam Hossein Nozari.

The discovery was made near the southern port of Assaluyeh in Bushehr province in the southwest of the country, a region where most hydrocarbon discoveries have been natural gas, PressTV reports.

The news comes a week after Iran announced the discovery of a 1.1-million- barrel oil field in Khuzestan, province on the border with southern Iraq.

Copyright (c) 2008 Dow Jones & Company, Inc.

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