"Iran discovers new oil reserves
Tue, 22 Jul 2008 12:53:22 " Press TV - Iran discovers new oil reserves
Iran has found a new oil field holding in-place reserves of about 500 million barrels, Oil Minister Gholam-Hossein Nozari has said.
The new oil field, Arvand, is located in the city of Abadan in the southwestern province of Khuzestan, Nozari said on Tuesday on the sidelines of a petrochemical conference in Tehran.
The new report came as the country announced this month the discovery of two new oil fields with in-place reserves of more than 1.6 billion barrels.
Iran is the world's fourth oil producer and holds the world's second largest reserves. The country's oil reserves are estimated at around 136 billion barrels.
Must be nice to be able to explore for more oil!
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