Tehran, July 4 (Xinhua-ANI): Iranian Oil Minister Rostam Qasemi announced that the country has discovered a new oil field containing approximately 6 billion barrels of recoverable oil reserves, the semi-official Fars news agency reported on Wednesday.
The newly discovered oil field is located near the Yadavaran oil field, 70 km southeast of Ahwaz city, in the oil-rich Khuzestan province, near the borders with Iraq, Qasemi was quoted as saying.
In November 2011, Qasemi announced that the country's recoverable oil reserves had risen to 154.8 billion barrels, adding that there are plenty of unexplored hydrocarbon reserves in the country, according to the report.
Referring to the development plan of Yadavaran oil field, the minister said Tuesday that the field would be developed in three phases and early production would start at 20,000 barrels per day.
Once the first and the second development phases accomplish, oil extraction from Yadavaran oil field will reach 200,000 bpd, he added.
The newly-found oil reserves of Yadavaran oil field is estimated at 12 billion barrels plus 12.5 trillion cubic feet of associated gas and 1.9 billion barrels of gas condensates, said the report.
Oil reserves in Iran, according to its government, rank third largest in the world at approximately 150 billion barrels as of 2007. This is roughly 10 percent of the world's total proven petroleum reserves. (Xinhua-ANI)
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