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Iran discovers billion-barrel oil field

AFP [1]
Monday, July 14, 2008

IRAN says it has discovered a new oil field containing more than one billion barrels of crude.

Oil Minister Gholam Hossein Nozari said the oil field held 1.1 billion barrels of sweet crude oil, of which 233 million coudl be recovered, the Shana news agency reported.

The field was in the area of Andimeshk town in Khuzestan province of southwest Iran that borders Iraq, Mr Nozari said.

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Iran is the No.2 producer in OPEC and No.4 worldwide, although its ability to reach oil production targets has been hampered by a lack of international investment.

Production started in February from Iran’s biggest onshore oil field, Azadegan, which is estimated to have 42 billion barrels of crude oil.