10MM Bbl Oil Discovered in Iran's Masjed Soleiman Field

TEHRAN (Dow Jones Newswires), Dec. 29, 2008

Iran has discovered roughly 10 million barrels of crude oil in the 100-year-old Masjed Soleiman oil field in the southern province of Khuzestan using new technologies, the oil ministry's official Shana news web site reported, citing the head of Research and Development at the National Iranian Oil Company.

Mohammad-Ali Emadi said the Masjed Soleiman oil field--the Middle East's oldest--has been out of operation for 10 years, Shana reported Wednesday.

Emadi said collaboration with a Chinese team allowed the NIOC's research and development arm to increase the production of the field's formerly abandoned wells to more than 4,000 barrels per day, with the production rate slated to rise to 20,000 barrels a day in the near future, reported Shana.

The oil field, which is located in the city of Masjed Soleiman in Khuzestan province, was discovered in 1899 and came into operation in 1912 as the first oilfield in the Middle East, Shana said.  

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

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