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Iran downgrades new oil find to just 22 bn barrels

President Hassan Rouhani on Sunday announced the discovery of a field containing 53 billion barrels of oil in the southwestern province of Khuzestan, saying it was a "small gift by the government to the people of Iran."

AFP|
Nov 11, 2019, 11.51 PM IST
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AP
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The oil minister said the discovery added 22.2 billion barrels to the country’s oil reserves.

Tehran: Iran’s oil minister said on Monday that an oil field whose discovery President Hassan Rouhani announced at the weekend adds only 22.2 billion barrels to the country’s estimated crude reserves. Out of the amount at the site, only a tenth - 2.2 billion barrels can be extracted due to technological limitations, the minister, Bijan Namdar Zanganeh, told reporters in Tehran.

Rouhani on Sunday announced the discovery of a field containing 53 billion barrels of oil in the southwestern province of Khuzestan, saying it was a "small gift by the government to the people of Iran". The oil minister said the discovery added 22.2 billion barrels to the country’s oil reserves. “Considering that there was already 31 billion barrels of oil (in the region), the in situ amount added is 22.2 billion barrels,” he said.

Due to the area’s “dense and stone material”, the amount that can be extracted is only “2.2 billion barrels, considering the current technology we have,” he added. The discovery spans 2,400 square km, according to a map Zanganeh showed journalists. It could potentially be expanded towards to southwest and east through further exploration. The oil layer is about 3.1 km deep, with an average thickness of 80 metres.

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