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Iran explores new oil field believed to hold 1 billion barrels of crude
TEHRAN Published in Saudi Press Agency on 13 - 07 - 2008

State TV says Iran is exploring a
newly-discovered oil field believed to contain more than
one billion barrels of crude oil.
The report quotes Iranian Oil Minister Gholamhossein
Nozari on Sunday as saying the area holds about 1.1 billion
barrels of crude oil. He says about 220 million barrels are
«recoverable.»
It says the oil field is located near Andimeshk, in the
oil-rich province of Khuzestan, some 290 miles (450
kilometers) southwest of Tehran.
As the fourth-largest oil producer in the world, Iran
ranks second for output among OPEC Countries, and controls
about 5 percent of the global oil supply.

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