Iran News ...


05/20/11

Iran finds 758m barrel oil layer

Source: Mehr News Agency

A new oil layer, containing an estimated 758 million barrels in-situ deposit, has been discovered in Khayyam onshore gas field in the Persian Gulf, the National Iranian Oil Company's director for exploration affairs said here on Friday. Mahmoud Mohaddes added that 22 percent of the mentioned amount is recoverable.

Considering oil at $80 a barrel, the oil layer is valued at around 13.6 billion dollars, he said.

Iran in January announced that an onshore gas field in the southern part of Iran had been discovered which could be worth $50 billion.

According to the report the new field, called Khayyam, has 260 billion cubic meters gas in place, of which 210 billion cubic meters of the reserve is recoverable. The field also holds some 220 million barrels of gas condensates, 100 million barrels of it is recoverable.

During the past 12 months, 6 oil and gas fields have been discovered in Iran which has reassessed the country's oil and gas reserves. According to the latest studies, the country's oil reserves have reached 150.31 billion barrels," SHANA news agency reported in November last year. This is roughly 10 percent of the world's total proven petroleum reserves.

Iran is the world's fourth-largest oil producer and is OPEC's second-largest producer after Saudi Arabia.

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