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EghtesadOnline: Following the announcement of a huge oil field discovery in the southwest at the weekend, Oil Minister Bijan Namdar Zanganeh said Monday that the new oilfield in Khuzestan Province has been named ‘Namavaran’.

“With an estimated 53 billion barrels of crude oil in place, it is the second largest oilfield discovered in Iran after the Asmari layer in Gachsaran that holds 54 billion barrels of crude oil,” the Oil Ministry news agency Shana quoted Zanganeh as saying.

The field straddles from Bostan to Omidiyeh counties in Khuzestan and is nearly 2,400 km long and 80 meters deep.

With an estimated 157 billion barrels of proved crude oil reserves, Iran has the world’s fourth–largest oil reserves and the second-largest gas reserves, Financial Tribune reported.

During the past 40 years, 73 oil and gas fields have been discovered in Iran, head of the Exploration Department of the National Iranian Oil Company said.

“They include 36 oil fields and 37 gas fields, 26 of them are joint fields,” Seyyed Saleh Hendi said.

Explorations are underway and there is a possibility of discovering more oil fields in region, he said.

 

New Iran Bijan Namdar Zanganeh Discovery Oil Field Oilfield Name New Oilfield Namavaran