Iran Finds New Oil Reserve of Massive Size

The National Iranian Oil Company Exploration Directorate (NIOCEXP) has discovered a huge oil reserve with more than 50 billion barrels of crude, said President Hassan Rouhani on Sunday.

The workers of the National Iranian Oil Company Exploration Directorate, after years of efforts, particularly since 3 years ago, have managed to discover a giant oil field, President Rouhani said this morning, while addressing people who welcomed his visit to the desert city of Yazd in central Iran.

“I inform the White House that, in the days that you have imposed sanctions on Iran’s oil exports, workers and engineers of the country have discovered 53 billion barrels of in-place oil reserves,” Rouhani added.

The announcement by President Rouhani would mean Iran’s proven crude oil reserves would be boosted by a third. Right now, Iran says it has some 150 billion barrels of proven crude oil reserves.

He said the discovered field was located in Iran’s oil-rich Khuzestan province covering a 24,000 s/km area stretching from Bostan to Omidiyeh.

Iran's oil sector is facing US sanctions imposed in November 2018, including a pledge by President Donald Trump to bring the country's oil exports down to zero.

President Rouhani has said Iran cannot be shut out of global energy markets because of its vast oil and gas reserves.

Iranian officials have said the country’s energy development plans are on track, though at a slackened pace due to the sanctions.

In December 2018, NIOCEXP head Saleh Hendi said 35-40 new hydrocarbon reservoirs had been discovered across Iran, which needed development. “We are now ranked first in the world for oil and gas reserves," he said.

Hendi also said Iran was scouring 60 percent of its total area for new oil and gas reserves, including in places which were deemed until recently the least likely to have hydrocarbon-bearing formations.

In January, the country struck oil in Abadan, containing reserves of “very light and sweet”. The discovery on Minoo Island was the first ever oil find in the general area of Abadan which is home to Iran’s largest and oldest oil processing facility.

In August, the NIOCEXP announced that according to exploration studies and seismological surveys conducted in the exploratory region of North Dezful, near the fields of Mansouri, Cheshmeh Khosh and Maroun, in the regions in Western and Eastern Sousangerd, reports are indicating the discovery of an oil reservoir.