Iran Economy NewsIran explores layer of 34 bln barrels -ministry

Iran explores layer of 34 bln barrels -ministry

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Reuters: Iran has explored a layer of 34 billion barrels of crude under an offshore gas field in the Gulf, the Oil Ministry’s website Shana reported on Sunday.

TEHRAN Nov 21 (Reuters) – Iran has explored a layer of 34 billion barrels of crude under an offshore gas field in the Gulf, the Oil Ministry’s website Shana reported on Sunday.

Shana quoted Ali Vakili, managing director of Iran’s Pars Oil and Gas Co (POGC), as saying the layer was one of the biggest in the Islamic state.

“It is located under our Ferdowsi gas field in the Persian Gulf. Drilling of (an) appraisal well is going on to complete the assessments,” he said, without giving further details.

Tehran has not signed a major deal with a large western oil company for years, as political pressure over its nuclear programme continues to be a barrier of entry for these firms.

The United States and its allies accuse Iran of trying to develop nuclear bombs, but Tehran insists its nuclear programme is aimed at generating electricity.

In October Iran said its oil reserves were around 150.31 billion barrels, up from a previous estimate of 138 billion. (Writing by Ramin Mostafavi; Editing by David Holmes)

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