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Iran Announces Discovery of Massive Oil Field

On Sunday, President Hassan Rouhani announced that Iran had discovered a massive new oil field.

He said that this find would boost the economy battered by the US sanction.

In a speech on TV, Rouhani said that the country’s economy had stabilized despite US measures against its senior leaders, banking and finance sector.

He told that the vast field in the southwestern province of Khuzestan holds an estimated 53 billion barrels of crude.

The 80-meter deep reservoir stretches nearly 200 kilometers from the Khuzestan border with Iraq to the city of Omidiyeh.

Further, he said in the speech that it was a small gift by the government to the people of Iran.

He announced to America that Iran was a rich nation and despite their enmity and cruel sanctions, Iranian oil industry workers and engineers discovered that the great oil field.

The find would add around 34 percent to OPEC member’s current proven reserves.

Iran holds the world’s fourth-largest oil reserves. However, the new reserves, if proved, would lift it to third place, just before regional.

Unconventional sales:

But it remains to see how much the country can benefit from the new field.

Because Iran has struggled to sell its oil since US Donald Trump withdrew from a landmark 2015 nuclear deal last year. It re-imposed unilateral sanctions.

In May, Washington ended temporary sanctions it had granted to the eight main buyers of Iranian oil. Tehran does not report exact figures but says that it still exported some crude oil via unconventional means.

It has hit back US with series of countermeasures by stepping up its nuclear activities.

It insists that it moves are transparent and reversible, calling on the deal’s other parties to honor their commitments.

The remaining parties to the 2015 accord have been working on measures to help it to avoid the impacts of US sanctions, but with few results so far.

The remaining parties include Britain, China, France, Germany and Russia.

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