Iran Announces New Oil, Natural Gas Discovery

TEHRAN, Nov 17, 2005 (Dow Jones Commodities News via Comtex)

Iran has discovered new oil reserves at an onshore oil field in the southwestern province of Khuzestan, the Oil Ministry's information network reported Wednesday.

The discovery of an estimated 767 million barrels of light, sweet crude lies in the Mansouri oil field, said Iran's acting oil minister, Kazem Vaziri Hamaneh.

Vaziri said once operational, the field will be able to produce around 153 million bbl of crude oil based on an estimated recovery rate of 20%.

The crude oil also comes with 43 billion cubic meters of natural gas, of which 860 mcm will be recoverable with the existing technology, Vaziri said.

Based on previous announcements, Iran's recoverable oil and gas reserves stand at 130 billion bbl and 26 trillion cubic meters, respectively.

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