Iran says oil field found with 53 billion barrels of crude oil


Iranian President Hassan Rouhani announced on Sunday the discovery of a major oil field with an estimated in-place reserve of 53 billion barrels in southwestern Khuzestan province, Shana reported.

President Rouhani's announcement would mean Iran's proven crude oil reserves would be boosted by a third, since the country's proven crude oil reserves are estimated to be about 150 billion barrels.

According to the US Energy Information Administration, Iran ranks as the world's fourth-largest reserve holder of oil, and the second-largest holder of gas reserves.

It would be a massive discovery but there's no word on how recoverable or economic the barrels are; nevermind that sanctions are making exports extremely hard.

After withdrawing from Iran's 2015 nuclear deal with world powers, the USA re-imposed sanctions to limit its vital oil trade. It shares a massive offshore field in the Persian Gulf with Qatar. "This is in a big oil field that stretches 2,400 sq km from Bostan to Omidiyeh".

Iran is one of the world's largest oil producers, with exports worth billions of dollars each year.

Since the US withdrew from the 2015 nuclear deal, the other countries involved - Germany, France, Britain, Russia and China - have been struggling to save it.

The collapse of the nuclear deal coincided with a tense summer of mysterious attacks on oil tankers and Saudi oil facilities that the US blamed on Iran.