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Iran discovers new oil field with 50 billion barrels of crude

All eyes on Iran’s Rouhani at second day of UN General Assembly
Iranian President, Hassan Rouhani

Iran, one of the largest oil-producing nation in the world has announced Sunday it has discovered a new oil field in its Khuzestan province.

The announcement was made by the country’s President, Hassan Rouhani as he revealed the new oil field is capable of producing more than 50 billion barrels of crude oil.

According to the Iran’s president, Rouhani, the estimated crude oil production from the new field would boost the country’s proven reserves by a third.

“I am telling the White House that in the days when you sanctioned the sale of Iranian oil, the country’s workers and engineers were able to discover 53 billion barrels of oil,” Rouhani said.

“This is a small gift by the government to the people of Iran.”

The field could become Iran’s second-largest oil field, behind Ahvaz with 65 billion barrels of crude.

The announcement comes days after Iran announced it would begin enriching uranium, marking another breach of the 2015 nuclear deal, Deutsche Welle reported.

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The Islamic Republic is under crushing US sanctions targeting its energy sector and more specifically preventing Iranian oil from reaching international markets.

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In the wake of the 2015 nuclear deal, Iranian oil had once again become a major source of revenue for the country. US President Donald Trump’s decision to withdraw from the deal and later sanction Iranian oil has put Tehran under pressure to find new solutions.

European signatories to the deal have been trying to save it from collapsing, but Iran’s decision to move forward with uranium enrichment last week has further undermined those efforts.

Vanguard News Nigeria.

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