Iran discovers oil field with some 400 million barrels
Iran on Sunday, July 22, announced the discovery of an oil field in the south of the country with estimated reserves of "some 400 million barrels," state radio reported.
According to preliminary studies, the "Tossan" field situated some 35 kilometers (20 miles) southeast of the Lengeh port on the Persian Gulf, could produce "some 100 millions of barrels in the first phase," state radio said.
Mahmoud Mohadess, research director of the Iran Oil Society, was quoted as saying the discovery came after preliminary studies last year on three oil fields named Koushk, Arash and Tossan, as well as four gas fields, Homa, Karanj, Day and Arash.
The Persian Gulf plays an increasingly important role in satisfying global energy needs, Mohadess said, adding that official estimates are that OPEC will produce between 50 million and 59 million barrels a day by 2020, while Iran's daily production share would double by 2020.
Iran has the world's second largest gas reserves after Russia, and is the second largest oil producer in OPEC after Saudi Arabia with an estimated daily production of 3.7 million barrels, 2.4 million barrels of which are exported.
It is said to be seeking to increase its crude output to five million barrels a day in the coming years, which experts say will require significant foreign investment.
Iran also has the world's second largest natural gas reserves with an estimated 20,000 billion cubic meters (700,000 billion cubic feet). —(AFP)
© Agence France Presse
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