Iran says finds new oilfield with 53 billion barrels of crude

Rouhani: Iran finds new oilfield with 53 billion barrels

DUBAI-Iran has discovered a new oilfield in the southwest of the country that has the potential to boost its reserves by about a third, President Hassan Rouhani said on Sunday.

The field covers 2,400 square kilometres (926 square miles) and is located in Iran's southwestern province of Khuzestan, Rouhani said in a speech aired on state TV.

Rouhani also noted that the major discovery has been made under American sanctions against Iran's oil industry, stressing that the U.S. has become disappointed with the policy of pressure on Iran. "The oil layer has a depth of 80m (262ft)", he said during a speech in the central city of Yazd.

Back in October, the director of the National Iranian Oil Company (NIOC)'s discovery department announced the discovery of new oil and gas fields in the country.

Oil reserves refer to crude that is economically feasible to extract.

The new oil field could reportedly become Iran's second-largest field, following the one containing 65 billion barrels in Ahvaz city.

President Rouhani's announcement would mean Iran's proven crude oil reserves would be boosted by a third, since the country's proven crude oil reserves are estimated to be about 150 billion barrels.

The sanctions have led to a sharp downturn in Iran's economy, pushing the value of its currency to record lows, quadrupling its annual inflation rate, driving away foreign investors and triggering protests.

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