Tehran, July 13, IRNA - Oil Minister Gholam Hossein Nozari said on Sunday that a new oil field with an estimated reserve of 1.1 billion barrels of oil has been discovered in north of Andimeshk city in Khuzestan province.
Nozari made the remark at the end of a cabinet session here on Sunday.
Speaking to reporters, he said the new oil field contains light oil with density rate of 33 API.
On current status of oil market, he said the situation is good and there is no shortage on the market.
On implementation of Iran-Pakistan-India pipeline project known as 'Peace Pipeline', he said "We are now negotiating the deal and experts will start talks on launching of the project very soon."
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