Iran finds huge billion barrel oil field

| 13 July 2008 18:06

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.

avatar About Edward Harrison

Edward Harrison is the founder of Credit Writedowns and a former career diplomat, investment banker and technology executive with over twenty years of business experience. He is also a regular economic and financial commentator on BBC World News, CNBC Television, Business News Network, CBC, Fox Television and RT Television. He speaks six languages, a skill he uses to provide a more global perspective. Edward holds an MBA in Finance from Columbia University and a BA in Economics from Dartmouth College.

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