Iran Announces 3.7B Barrel Oil Discovery in Four Fields

DUBAI (Dow Jones Newswires), August 11, 2008

Iran has discovered four new oil and gas fields holding about 3.7 billion barrels of oil and 1.5 million cubic meters of gas, the country's oil ministry's Web site, or Shana, reported Saturday.

Shana quoted the manager of National Iranian Oil Co., Mahmoud Mohaddes, saying that the new oil discoveries were made in the Fahilan region, Khuzestan province, Assaluyeh Economic Zone and Abadan.

The biggest field is the one located north of Andimeshk in Khuzestan province "bearing 1.3 billion barrels of light crude, with a production capacity of about 230,000 barrels," Shana quoted Mohaddes as saying.

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