Iranian President Hassan Rouhani announced the discovery of a new oil field, which could increase the state’s reserves by a third. It is reported by UNIAN with reference to foreign media.
“Today we announce to the United States that we are a rich country and, despite your hostility and tyrannical sanctions, the workers and engineers of the Iranian oil industry have managed to discover this huge oil field”, he said.
The field’s reserves are estimated at approximately 53 billion barrels, which could increase the country's oil reserves by about a third. According to the President of the country, the field occupies 2400 square kilometers in the province of Khuzestan.
Iran is a founding member of OPEC. According to the US Energy Information Administration, Iran has the fourth largest oil reserves and the second largest natural gas reserves.
OPEC is an international organization of oil exporting countries, which was created to control the level of oil production, and in turn affects the level of oil prices in the world. OPEC includes 14 countries: Algeria, Angola, Venezuela, Gabon, Iran, Iraq, Congo, Kuwait, Libya, United Arab Emirates, Nigeria, Saudi Arabia, Equatorial Guinea and Ecuador.
It was previously reported that China will invest $280 billion in Iran’s oil and gas sector. It is also investing $120 billion in the modernization of Iranian transport infrastructure.