Iran discovers a new billion-barrel oil field

Posted Jul 14, 2008 by Chris V. Thangham
Iran's Oil Minister reported the country has discovered a new oil field in southwest Iran with an estimated 1.1 billion barrels of sweet crude oil.
Oil Fields
Drilling for oil in the Caspian sea in Azerbaijan
Photo by N_Creatures
The oil field is in the area of Andimeshk town, in the Khuzestan province in South-West Iran, bordering on Iraq, according to Oil Minister Gholam Hossein Nozari.
Nozari told the Shana news agency that the oil field holds an estimated 1.1 billion barrels of sweet crude oil, out of which nearly 233 million barrels could be recovered.
This is just one of the large oil fields in Iran; at another oil field located in Azadegan, there is an estimated 42 billion barrels of crude oil. Production has already started at this field.
In OPEC, Iran is the No. 2 producer and No. 4 in the world. Currently, the Iranians are hampered in meeting their oil production target because of lack of suitable foreign investment caused by the prevailing political climate in the region.