This report comes from Fin24 in South Africa.
Iran on Sunday said it has discovered a new oil field in the hydrocarbon-rich province of Khuzestan with more than one billion barrels of crude in place.
Oil Minister Gholam Hossein Nozari said the oil field held 1.1 billion barrels of sweet crude oil, of which 233 million was recoverable, the oil ministry’s Shana news agency reported.
This is no Ghawar super giant field, but every bit helps. One billion is a big find, a giant oil field. The discovery reinforces Iran’s important role as the number 2 producer in OPEC and number 4 world-wide.