• Monday, November 18, 2019

Iran discovers MASSIVE oil field with 50 billion barrels reserves

Discussion in 'Middle East & Africa' started by Shapur Zol Aktaf, Nov 10, 2019.

  1. Shapur Zol Aktaf

    Shapur Zol Aktaf SENIOR MEMBER

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    TEHRAN: Iran has discovered a massive new oil field, President Hassan Rouhani said Sunday (Nov 10), a find that would boost its proven reserves by about a third in a rare piece of "good news" for an economy battered by US sanctions.

    In a speech aired on state TV, Rouhani said the country's economy had stabilised despite punishing US measures against its senior leaders, banking and finance sectors.


    The vast field in the southwestern province of Khuzestan holds an estimated 53 billion barrels of crude, he said.

    The 80m deep reservoir stretches nearly 200km from Khuzestan's border with Iraq to the city of Omidiyeh.

    Iran announces discovery of massive oil field

    TEHRAN: Iran has discovered a massive new oil field, President Hassan Rouhani said Sunday (Nov 10), a find that would boost its proven reserves by about a third in a rare piece of "good news" for an economy battered by US sanctions.

    In a speech aired on state TV, Rouhani said the country's economy had stabilised despite punishing US measures against its senior leaders, banking and finance sectors.


    The vast field in the southwestern province of Khuzestan holds an estimated 53 billion barrels of crude, he said.

    The 80m deep reservoir stretches nearly 200km from Khuzestan's border with Iraq to the city of Omidiyeh.
    "This is a small gift by the government to the people of Iran," he said in a speech from the central city of Yazd.


    "We announce to America today that we are a rich nation, and despite your enmity and cruel sanctions, Iranian oil industry workers and engineers discovered this great oil field."

    The find would add around 34 per cent to the OPEC member's current proven reserves, estimated by energy giant BP at 155.6 billion barrels.

    Iran, a founding member of the Organization of the Petroleum Exporting Countries, sits on what were already the world's fourth-biggest oil reserves.

    The new reserves, if proven, would lift it to third place, just before regional arch-rival Saudi Arabia.

    "UNCONVENTIONAL" SALES

    But it remains to be seen how much the country can benefit from the new field.

    Iran has struggled to sell its oil since US President Donald Trump withdrew from a landmark 2015 nuclear deal last year and reimposed unilateral sanctions.

    In May, Washington ended temporary sanctions waivers it had granted to the eight main buyers of Iranian oil, ratcheting up the pressure on holdouts China, India and Turkey to find other suppliers.

    Tehran does not report exact figures, but says some crude is still exported via "unconventional" means.

    It has hit back at the US with a series of countermeasures, stepping up its nuclear activities and threatening to go further unless the deal's promised economic benefits materialise.

    It insists its moves are transparent and easily reversible, calling on the deal's other parties to honour their commitments.

    The remaining parties to the 2015 accord - Britain, China, France, Germany and Russia - have been working on measures to help it avoid US sanctions, but with few results so far.

    Since the US withdrawal, tensions have cranked up in the Gulf with a series of mysterious attacks on tankers and Saudi oil installations, with Tehran and Washington narrowly avoiding an armed confrontation after the downing of a US drone over Iranian territory.

    ECONOMIC "DISRUPTORS"

    Iran has experienced a sharp economic downturn this year, fuelled in part by US sanctions, with a plummeting currency sending inflation skyrocketing and hiking the prices of imports.

    But Rouhani insisted the economy had now stabilised.

    "Our people weathered hard days in the past year ... (but) I believe America is now hopeless," he said.

    The IMF has said Iran's economy will contract by a massive 9.5 per cent this year, its worst performance since 1984 when the Islamic republic was at war with neighbouring Iraq, but notes the growth is expected to stabilise at zero next year.

    Authorities have cracked down hard on "economic disruptors" - Iranians accused of exploiting shortages and fluctuations in gold and currency prices, with dozens tried and some executed.

    "I call on the judiciary ... to explain billion-dollar corruption cases to the people," Rouhani said during his speech in Yazd.

    "Where has the money gone?"

    He pointed to a "US$2.7 billion case" whose suspect has been "arrested, sentenced to die and is now in prison" - but in which the money is yet to be recovered.

    He appeared to be referring to business magnate Babak Morteza Zanjani, on death row after being convicted in 2016 of embezzling US$2.7 billion while helping the government circumvent international sanctions.

    Source: AFP
    Read more at https://www.channelnewsasia.com/news/world/iran-announces-discovery-of-massive-oil-field-12080670


    Read more at https://www.channelnewsasia.com/news/world/iran-announces-discovery-of-massive-oil-field-12080670
     

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  2. BATMAN

    BATMAN ELITE MEMBER

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    Once more congrats. and keep your focus on development.
     
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  3. Jobless Jack

    Jobless Jack FULL MEMBER

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    Democracy will come to Iran as a result of this discovery
     
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  4. Clutch

    Clutch ELITE MEMBER

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    Lol...Good comment
     
  5. mike2000 is back

    mike2000 is back SENIOR MEMBER

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    I think the issue is exporting their oil. As long as the actions remain the country wont be able to fully tap its true potential no matter how many new oil reserves are discovered. Hopefully there will be a resolution to the current crisis in future.
     
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  6. PakFactor

    PakFactor FULL MEMBER

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    Lol. Democracy flows where oil flows.

    China should integrate Iran oil into their imports
     
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  7. skyshadow

    skyshadow SENIOR MEMBER

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    Iran just become third country with most oil in the world with more then 208 billion barrels of oil


    [​IMG]
     
    Last edited: Nov 11, 2019
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  8. Avicenna

    Avicenna SENIOR MEMBER

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    upload_2019-11-10_13-36-21.png
     
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  9. 313ghazi

    313ghazi SENIOR MEMBER

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    InshaAllah America will not be successful in thier attempt to liberate your new found oil.
     
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  10. libertad

    libertad FULL MEMBER

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    Find out what the extraction costs are before you celebrate. Extraction costs are the difference between Gulfies and Canada/Venezuela. The latter have more oil but their extraction costs are much higher.
     
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  11. SubWater

    SubWater SENIOR MEMBER

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    Eastern Hijaz and in second Iran have cheapest oil in world.
    Other Persian gulf countries like Iraq and Kuwait follow.
     
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  12. skyshadow

    skyshadow SENIOR MEMBER

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    Pakistan search for oil i think in depth of 5000 meter we find it at the depth of 80 meter which one is cheaper ?middle east is famous for chip oil as they are every where near the ground surface
     
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  13. Char

    Char FULL MEMBER

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    I'm surprised China is in the list.
     
  14. zectech

    zectech FULL MEMBER

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    China has 10 times more proven reserves than Syria. Based on 2017 data.
     
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  15. Char

    Char FULL MEMBER

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    Unfortunately, Syria is not famous for oil.