Iran General NewsIran claims new oil field discovery

Iran claims new oil field discovery

-

UPI: Iran made an oil field discovery that will add to its recoverable reserve estimate of more than 150 million barrels, an official said. TEHRAN, Feb. 13 (UPI) — Iran made an oil field discovery that will add to its recoverable reserve estimate of more than 150 million barrels, an official said.

Mahmoud Mohaddes, director of exploration for the National Iranian Oil Co., said there were “considerable” reserves available in a newly discovered oil field, Iran’s state-funded broadcaster Press TV reports.

While he was short on specifics, he said more information on oil developments would surface before the end of the Iranian year in March.

The country’s oil minister said recoverable reserves stand at around 154 billion barrels. Sanctions pressure on Iran’s Central Bank has made it difficult for Tehran to process crude oil sales, however.

The European Union said it was placing an embargo on Iranian crude oil as punishment for Tehran’s nuclear program. Iranian lawmakers said they backed a measure that would pre-empt the European measure, which would go into effect starting in July.

Iran is one of the top oil producers in the Organization of the Petroleum Exporting Countries.

Latest news

Raisi’s Execution Tactics Exposed

Ebrahim Raisi will become president of Iran in just over a week, even though (or perhaps, because) his resume...

Khuzestan Water Shortages Protests

The Khuzestan protests over water shortages entered their 12th consecutive day on Monday, with demonstrations spreading to other cities...

Iran’s Failed Economic Policies Lead to Loss of Food Security

In the field of economics, there are two types of challenges. First, urgent issues, and second, long-term problems. In...

Iran Water Protests Revive Opportunities and Threats From Earlier Nationwide Uprisings

On or about July 15, residents of the Iranian province of Khuzestan began protesting over severe and persistent water...

Iran’s Officials: “We Are All To Blame”

Because of the destruction of the eight-year Iran-Iraq war which destroyed Iran’s southwestern Khuzestan province the other border provinces,...

The Disastrous Results of Iran’s Corrupted Projects

Following the recent protests over the water shortage of the Iranian people mainly in the Khuzestan province, there is...

Must read

Iran asked to postpone talks with US: State Department

AFP: US and Iranian experts postponed a meeting to...

Halliburton completes work in Iran

Wall Street Journal: Halliburton Co. said all contractual commitments...

You might also likeRELATED
Recommended to you