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Iran announces discovery of massive oil field


Added 11-10-19 07:04:02am EST - “Iran has discovered a massive new oil field, President Hassan Rouhani said Sunday, a find that would boost its proven reserves by about a third in a rare piece of "good news" for an economy battered by US sanctions. In a speech aired…” - News.yahoo.com

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Posted By TheNewsCommenter: From News.yahoo.com: “Iran announces discovery of massive oil field”. Below is an excerpt from the article.

Tehran (AFP) - Iran has discovered a massive new oil field, President Hassan Rouhani said Sunday, a find that would boost its proven reserves by about a third in a rare piece of "good news" for an economy battered by US sanctions.

In a speech aired on state TV, Rouhani said the country's economy had stabilised despite punishing US measures against its senior leaders, banking and finance sectors.

The vast field in the southwestern province of Khuzestan holds an estimated 53 billion barrels of crude, he said.

The 80-metre deep reservoir stretches nearly 200 kilometres from Khuzestan's border with Iraq to the city of Omidiyeh.

"This is a small gift by the government to the people of Iran," he said in a speech from the central city of Yazd.

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