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Iran Discovers Onshore Oil Field

Source: 1/18/2007, Location: Asia

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Iran has discovered a new onshore oil field with an estimated in-place reserve of 2 billion barrels, state-run television reported Thursday. The report quoted Hassan Behbahani, an official of the National Iranian Southern Oil Fields Co., as saying the discovery was made at the Bangestan layer of the Ab-Teymour oil field, in the oil-rich province of Khuzestan.

The National Iranian Southern Oil Fields Co. is affiliated to the National Iranian Oil Co.

The newly-discovered oil is in a layer around 40 square kilometers wide, based on the initial information obtained, Behbahani said.

The Oil Ministry's information network said "the petro-physical characteristics of the reservoir in the new structure compared with similar information pertaining to the principal structure indicate a better quality."

He said with the discovery of the new reservoir, zoning in the oil field will have to be altered.

Iran, the second largest producer in the Organization of the Petroleum Exporting Countries and the fourth largest in the world, possesses 12% of the world's crude, with 130 billion barrels of recoverable oil.

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