Iran dicovers new oil field

Iran has discovered a new onshore oil field with an estimated reserve of 2 billion barrels, state-run television reported today.

Hassan Behbahani, an official of the National Iranian Southern Oil Fields Co, said the discovery was made at the Bangestan layer of the Ab-Teymour oil field, in the oil-rich province of Khuzestan, reported the state TV and Dow Jones Newswires.

The National Iranian Southern Oil Fields Co is affiliated with the National Iranian Oil Co.

The newly discovered oil is in a layer around 15 square miles wide, Behbahani said.

Iran – the second largest producer in the Organisation of the Petroleum Exporting Countries, or Opec, and the fourth largest in the world – possesses 12% of the world’s crude, with an estimated 130 billion barrels of recoverable oil.