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Iran finds billion barrel oil field

Jul 13 2008 18:20

Tehran - Iran on Sunday said it has discovered a new oil field in the hydrocarbon-rich province of Khuzestan with more than one billion barrels of crude in place.

Oil Minister Gholam Hossein Nozari said the oil field held 1.1 billion barrels of sweet crude oil, of which 233 million was recoverable, the oil ministry's Shana news agency reported.

He told reporters after a cabinet meeting that the field is in the area of Andimeshk town in Khuzestan province of southwestern Iran that borders Iraq. No further details were immediately available.

Iran is the number two producer in Opec and the number four worldwide, although its ability to reach oil production targets has been hampered by a lack of international investment.

Production started in February from Iran's biggest onshore oil field, Azadegan, which is estimated to have 42 billion barrels of crude oil in place.

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JR
Jul 14 2008 11:47 Report this comment

Hopefully Obama will have more sense than the Bushes ever had. But having said that , every single US pres in the modern age owes some big corporation (usually oil companies)a favour or two. No one can win the white house without "generous donations and string pulling" from corporate america.

NB
Jul 14 2008 09:16 Report this comment

I have no doubt that World War 3 will be coming soon. All this is just a cruel way of getting rich while killing the economy (peoples lives). What we need is a resource that is not controlled by a central country and not limited as oil. I would most definitely go for an electric car when the price is right and hopefully they can produce electricity without using coal or fuel to cut back on prices. Until then I can only see a world war taking place.

Abraham
Jul 14 2008 08:56 Report this comment

Ok, now that Iran has this huge oil reserve watch out as America finds an excuse to gain control of Iran, here comes WW3.


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