Iran discovers large oil field in south

Jul 22, 2001 02:00 AM

Iran announced the discovery of an oil field in the south of the country with estimated reserves of "some 400 mm barrels," it was reported. According to preliminary studies, the "Tossan" field situated some 35 km (20 miles) southeast of the Lengeh port on the Persian Gulf, could produce "some 100 millions of barrels in the first phase," it was said.
Mahmoud Mohadess, research director of the Iran Oil Society, was quoted as saying the discovery came after preliminary studies last year on three oil fields named Koushk, Arash and Tossan, as well as four gas fields, Homa, Karanj, Day and Arash. The Persian Gulf plays an increasingly important role in satisfying global energy needs, Mohadess said, adding that official estimates are that OPEC will produce between 50 mm and 59 mm bpd by 2020, while Iran's daily production share would double by 2020.

Iran has the world's second largest gas reserves after Russia, and is the second largest oil producer in OPEC after Saudi Arabia with an estimated daily production of 3.7 mm barrels, 2.4 mm barrels of which are exported. It is said to be seeking to increase its crude output to 5 mm bpd in the coming years, which experts say will require significant foreign investment.
Iran also has the world's second largest natural gas reserves with an estimated 20,000 bn cm (700,000 bn cf).

Source: Agence France-Presse
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