Iran: The gigantic oil field is discovered in south-western part of the country
Gholam-Hossein Nozari, the Iranian Oil Minister, announced the discovery of gigantic oil field in the Iran south-western province of Khuzistan, Iran.Ru reports.
According to preliminary estimates, the field reserves may reach 9 billion barrels. "This is the biggest field, discovered in the recent years. Its development will help substantially increase oil production in the country", Mr. Nozari noted.
Since the newly discovered field is located in close proximity to already developed ones, Nozari hopes to save funds on building appropriate infrastructure and start oil production in the near future.
According to Oil Minister, thanks to intensive geological exploration the oil resources of the country have increased from 90 to 138 billion barrels in the last three years.
Iran News reports that in the last four years the Oil Ministry invested 1.720 billion US dollars in the exploration of oil and gas fields in the country. In this period 22 new oil and gas fields at 17 oil and gas structures were explored in Iran; besides, there are also 7 contracts, signed for the development of the explored blocks. The value of these contracts, signed with famous companies from Asia and Europe, reach at least 700 million US dollars.