Iran discovers 2 new oil fields

Speaking to FNA, Managing-Director of National Iranian South Oil Company Hormoz Qalavand stated that the discovery followed seismographic operations in the oil-rich province. "After seismographic operations on Zilaei and Ab-Teimur oil fields and analysis of seismic data…existence of new (oil-containing) anticlines in southern oil-rich regions of Khuzestan Province has been proven," Qalavand said on Friday. He added that drilling a new well in Ab-Teimur oil field has revealed a new reservoir measuring 3 kilometers (km) by 10 km with a 200-meter oil layer. The official said the oil contained in the reservoir is similar to Ab-Teimur's crude oil in quality, but exact amount of reserves will be determined after drilling more wells. Qalavand stated that seven more anticlines containing oil and gas reserves have been discovered in Zilaei region near Masjed Soleiman city and existence of oil and gas reserves has been proven by drilling two wells. "These reserves measure 3 km by 8 km (in size) and contain about 80 billion cubic meters of natural gas," he said. Iran sits on the world's second largest reserves of both oil and gas. The country ranks fourth in the world in terms of crude production after Russia, Saudi Arabia and the United States. The Islamic Republic also stands fourth in gas production after the US, Russia, and Canada. The Islamic Republic has the world's second-largest crude reserves after Saudi Arabia and the second-largest gas reserves after Russia.