Iran discovers new oil field with over 50 billion barrels

Nellie Chapman
November 11, 2019

Iran has discovered a new oilfield with 53 billion barrels of crude oil, President Hassan Rouhani has said, a find that could boost the country's proven 150 billion barrel reserves by a third.

"We announce to America today that we are a rich nation, and despite your enmity and cruel sanctions, Iranian oil industry workers and engineers discovered this great oil field".

The announcement comes as Iran is struggling to sell its oil overseas in the wake of sanctions imposed by the United States.

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.

They were imposed after the U.S. pulled out of a nuclear deal with world powers a year ago.

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"This is a small gift by the government to the people of Iran", he said in a speech from the central city of Yazd, according to Agence France-Presse.

According to the US Energy Information Administration, Iran ranks as the world's fourth-largest reserve holder of oil, and the second-largest holder of gas reserves.

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

Under the accord, Iran agreed to limit its sensitive nuclear activities and allow in worldwide inspectors in return for sanctions relief.

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