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.
- Brand Finance Ranks Most Valuable, Strongest Oil and Gas Brands
- Canacol Makes New Gas Discovery in Colombia's Magdalena Basin
- Egypt Plans to Meet Summer Fuel Needs with LNG Imports
- FortisBC Denies Gas Greenwashing as Suit Awaits
- Credit Agricole Helps NGP Secure Funds for Fishery-Solar Projects in Taiwan
- Oil and Gas Executives Predict WTI Oil Price
- Industry Protests Proposed Methane Fee Guidelines for O&G Facilities in US
- Exxon, Cnooc Merge Guyana Arbitration Claims Against Chevron
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Oil Demand Outpaces Expectations, Testing Calculus on Peak Crude
- House Passes Protecting American Energy Production Act
- TotalEnergies Restarts Production in Denmark's Biggest Gas Field
- Republican Lawmakers Say IEA Has Abandoned Energy Security Mission
- USA Oil and Gas Job Figures Jump
- Blockchain Demands Attention in Oil and Gas
- Macquarie Sees USA Oil Production Exiting 2024 at 14MM Barrels Per Day
- Houthis Warn Saudi Arabia of Retaliation If It Backs USA Attacks
- Summer Pump Prices Set to Hit $4 a Gallon Just as Americans Hit the Road
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Chinese Mega Company Makes Major Oilfield Discovery
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Another Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Vessel Sinks in Red Sea After Missile Strike
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Equinor Makes Discovery in North Sea
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension