Iran discovers 6 billion barrels of new oil reserves

TEHRAN,July 4(MNA) – Iranian Oil Minister Rostam Qasemi announced that oil reserves of up to 6 billion barrels have been discovered in southwest Iran. The reserves are located around the Yadavaran oilfield in Khuzestan province, Qasemi said. “With this new discovery the volume of retrievable oil reserves in the country increased 5 to 6 billion barrels,” Shana news agency quoted Qasemi as saying. It had previously been reported that Iran’s recoverable oil and natural gas reserves stood at 154.8 billion barrels and 33.1 trillion cubic meters, respectively. With the new oil discovery Iran’s oil reserves stand at about 160 billion barrels.