Iranian President Hassan Rouhani announced that a new oil field containing some 53 billion barrels of crude oil had been discovered in Iran’s oil-rich province of Khuzestan.
Iranian Minister of Petroleum Bijan Zangeneh offered additional information regarding the new oil field discovered in southwest Khuzestan province, saying that the newly found field was Iran’s 2nd largest after the Ahvaz field, which is estimated to contain some 65 billion barrels of crude.
The minister clarified that exploration at the new Khuzestan field had previously discovered 31.3 billion barrels since 2016, with the latest find adding another 22.2 billion barrels, for a total of over 53.5 billion barrels.
This is one of the largest oil fields ever discovered in the history of the oil industry in Iran,” Zangeneh boasted of the find, saying that the 22 billion barrels in newly found oil wealth is located in a layer below the previously found reserves.
The new field is said to stretch across a vast territory of some 2,400 square km between the cities of Bostan and Omidiyeh in southwestern Iran, near the Iraqi border.
According to the minister, discovering the new field required the use of ‘state of the art techniques’ and advanced technologies, and the find was an important success against tough US fascist pressure against the Islamic Republic’s oil industry.
The new find saw Iran’s oil reserves, already one of the largest in the world, grow by over 10.4%, to over 210 billion barrels.
In 2018, after withdrawing from the Iran nuclear deal, the United States slapped Iran with tough energy sanctions aimed at bringing Iran’s oil exports “to zero,” and threatened the country’s major customers with secondary sanctions.
The US regime scrapped sanctions waivers on major importers including China, India, South Korea, Japan, Italy, Greece and Taiwan in May 2019, with most of these countries either reducing or halting their purchases altogether.
According to Dr. Salameh, “contrary to claims by Western media, US sanctions against Iran” have not succeeded in stopping the country’s crude exports, with US sanctions policy proving to be a “miserable failure,” in his view.
China, India and Turkey which account for 66% of Iranian crude oil exports have never stopped even for one minute buying Iranian crude and in increasing volumes.
The European Union (EU) which used to account for 20% of Iranian oil exports before the sanctions is still buying Iranian crude albeit at a reduced level. Even Russia is buying Iranian oil by using oil-for-goods barter trade,” Salameh explained.
Regarding the new Khuzestan field, the professor estimates that it will take a decade or more to actually begin extracting oil from the site, meaning that the find will have no effect on current oil exports, or global oil prices, for the near future.
Sputnik / AB Canada Flash Point Blog News 2019.