Iran: President Hassan Rohani reports discovery of a giant oil field


In southern Iran, there is a large oil field, which was previously completely unknown. Iranian President Hassan Rohani told IRIB on Sunday that the discovered oil field is in Chuzestan province and has a potential of 53 billion barrels. Whether the new oil field can help Iran economically, would need to be examined by experts, so Rohani. Nevertheless, the discovery with regard to the US oil sanctions against Iran is enormously important, the president said.

A 2400 square kilometer oil field

The Iranian oil reserves are estimated at 150 billion barrels. If the find confirms to that extent, that would mean a significant increase in raw materials. According to Rohanis, the field should extend over 2400 square kilometers.

Despite the abundant natural resources, Iran is in an economic crisis because of American sanctions. In particular, the US sanctions against the Iranian oil export, which is considered the main source of income of the country, have hit Iran hard.

According to Opec calculations, around one hundred million barrels of oil are currently needed worldwide. According to the organization, demand will increase by about 12 percent by 2040.

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