Iran Finds New 53 Billion Barrel Field
Hassan Rouhani, the president of the Islamic Republic of Iran, revealed Sunday that Iran has discovered a new oil field with 53 billion barrels of reserves.
In a speech in Yazd Province, which was highlighted on the president’s official website, Rouhani said, “we have discovered a new big oil field with 53 billion barrels of reserves. This oil field is as wide as 2,400 square kilometers (926 square miles) with a depth of 80 meters (262 feet)”.
According to BP’s latest statistical review of world energy, which was released in June this year, Iran had 155.6 billion barrels of proved oil reserves as of the end of 2018. This figure was the same in 2017 and stood at 137.6 billion in 2008 and 93.7 billion in 1998, according to BP.
Iran produced 4.7 million barrels of oil per day in 2018, which marked a 6.1 percent drop from 2017, BP revealed. In 2008, Iran produced 4.4 million barrels of oil per day, according to BP.
Discord and Division
In Rouhani’s Sunday speech – which referred to several topics – the president also stated that “discord and division are what the United States wants”. He went on to say, “despite what the United States and the Iranian nation’s enemies are doing, this nation is readier than any other time for defending its country”.
Earlier this year, Bloomberg reported that U.S.-Iran tensions were raising fears of war. In September, a research note from Fitch Solutions Macro Research highlighted that the United States was “intensifying” its efforts to drive Iran’s oil exports to zero.
The note revealed that Fitch Solutions does not expect Washington to be successful in this endeavor and that the company is maintaining its forecast for exports to average around 400,000 barrels per day in the second half of 2019 and 2020.
To contact the author, email andreas.exarheas@rigzone.com
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- ExxonMobil Racks Up Discoveries in Guyana Block Eyed by Chevron
- Oil Market Sentiment Has Improved Significantly
- EU, US Eye Collaboration on Nuclear Materials
- USA Driving Activity to Increase to All-Time Highs
- TC Energy to Sell Prince Rupert Gas Pipeline Project to First Nation
- EU Electricity Export to Ukraine Up 94 Percent in Two Years
- China Coal Output Falls for First Time since Government Ordered More
- BP Pulse Buys One of Europe's Largest Truck Stops
- UK CCUS Plans Outdated: Think Tank
- North America Enters Rig Loss Streak
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Major Oilfield Discovery
- EIA Drops 2024 Henry Hub Gas Price Forecast
- EIA and Standard Chartered Offer Up Latest Oil Price Predictions
- Red Sea Region Sees Another Watershed Incident
- Chevron Oil Project in Kazakhstan to Cost $48.5B
- OPEC Voices Encouragement after IEA Affirms Support for Oil Security
- Biden Govt Bares Strategy for Freight Charging, Hydrogen Fueling Infra
- Ukraine Hits Third Russian Refinery In Escalating Drone Strikes
- Rystad Looks at the Buzz Around White Hydrogen
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Is Peak Oil Demand Close?
- Vessel Sinks in Red Sea After Missile Strike
- JP Morgan, Standard Chartered Reveal Latest Oil Price Forecasts
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Rystad Forecasts Net Production of Top Permian Producers in 2024
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension