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A newly discovered large oil and gas field is expected to bring Iran USD40 billion in revenue.

Pub Date:Oct 23, 2019    |    Views:376    |    

According to the "African Times" report, a few days ago, the National Iranian Oil Company (NIOC) announced that it has discovered a large natural gas field with minable natural gas and oil reserves of 19 trillion cubic feet and 385 million barrels respectively, which will bring Iran USD40 billion in revenue.


 
According to the report, Reza Dehghan, deputy general manager of the Development and Engineering Affairs Department of NIOC, said that the newly discovered natural gas field is adjacent to the Persian Gulf, located in Fars province in southwestern Iran, and named "Eram". By the survey, the gas field has about 19 trillion cubic feet of natural gas and 385 million barrels of oil reserves, with a total value of about USD40 billion.


 
An Iranian official said that the reserves of the oil and gas fields are almost equal to the Iranian South Pars gas field. The South Pars gas field in the Gulf is shared by Iran and Qatar and is the world's largest natural gas field discovered to date. Intuitively, the natural gas reserves will be enough for Tehran with a population of 8 million for 16 years, or equivalent to one year of gas consumption in Austria, Hungary and Romania.


 
Dehghan said that the survey began in the summer of 2018 and Iran has the ability to develop new oil and gas fields on its own. “We have the ability to use geophysical survey technology to identify and develop more domestically undiscovered crude oil and natural gas reserves in Iran, and will use them to add national wealth to our country.”


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