Iran announces discovery of 8.8 billion barrels oil field

Iran has discovered a huge oil reserve of over 8.8 billion barrels in Soussangerd oilfield, Khuzestan province, Oil Minister Gholam-Hossein Nozari announced here on Monday.

According to Mehr News Agency, the field is located in the vicinity of some currently producing oilfields.

 Its development will be feasible and production is likely to begin in the near future, Nozari said.

 
Iran has the world’s third-largest oil reserves, behind Saudi Arabia and Canada. It recently added that its reserves had grown to 138 billion barrels from 90 billion barrels, thanks to reserves discovered over the last three years. Iran, OPEC’s second largest oil producer, plans to open some of its oil and gas fields to foreign investment to help boost output by 2015 to 5.3 million barrels per day, from the current 4.2 million barrels pd.