Iran General NewsIran claims new oil field discovery

Iran claims new oil field discovery

-

UPI: Iran made an oil field discovery that will add to its recoverable reserve estimate of more than 150 million barrels, an official said. TEHRAN, Feb. 13 (UPI) — Iran made an oil field discovery that will add to its recoverable reserve estimate of more than 150 million barrels, an official said.

Mahmoud Mohaddes, director of exploration for the National Iranian Oil Co., said there were “considerable” reserves available in a newly discovered oil field, Iran’s state-funded broadcaster Press TV reports.

While he was short on specifics, he said more information on oil developments would surface before the end of the Iranian year in March.

The country’s oil minister said recoverable reserves stand at around 154 billion barrels. Sanctions pressure on Iran’s Central Bank has made it difficult for Tehran to process crude oil sales, however.

The European Union said it was placing an embargo on Iranian crude oil as punishment for Tehran’s nuclear program. Iranian lawmakers said they backed a measure that would pre-empt the European measure, which would go into effect starting in July.

Iran is one of the top oil producers in the Organization of the Petroleum Exporting Countries.

Latest news

Iran, the Resurrection of the Concept of ‘Revolution’

These days, Iran’s political and social environment has witnessed massive storms, which have changed the meaning of all concepts....

Iran Regime’s Response to Protests Censorship and Violence

The Iranian regime’s leadership has reacted to the ongoing wave of protests over the death of Mahsa Amini, the...

Iran’s New Generation Seeks Nothing but Regime Change

In a silly and desperate statement, the Iranian regime’s foreign minister Hossein Amir-Abdollahian claimed that nothing special is going...

Iran’s Youths Broke the Spell of Fear

One of the main characteristics of the recent protests in Iran is the courage and fearlessness of the people,...

Iran Is on the Brink of a Revolution

The wall of fear has been broken. In many cities across Iran, women are taking to the streets, leading...

Iran’s Regime Claims To Fill Global Energy Gap Despite Crippled Petroleum Sector

In recent weeks, the Iranian regime’s officials have been constantly exaggerating their huge capacity in oil and gas reserves...

Must read

Ahmadinejad ‘to snub’ Shanghai group meeting

AFP: President Mahmoud Ahmadinejad plans to stay away from...

Deadly fire at Iran’s biggest petrochemical plant

AFP: A fire that broke out at Iran's biggest...

You might also likeRELATED
Recommended to you