The Telegraph
Since 1st March, 1999
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Major oil reserves found in Iran

Tehran, July 14 (Reuters): Iran has made a major new oil find containing estimated reserves of more than 38 billion barrels, making it one of the world’s biggest undeveloped fields, a senior oil official was quoted as saying today.

Abolhasan Khamoushi, general director of Iran’s Oil Development and Engineering Company, told the Kayhan evening newspaper that the find, combining three neighbouring oilfields, had been discovered close to the southern port city of Bushehr.

An oil ministry spokeswoman confirmed to Reuters the accuracy of the report but could give no further details.

Khamoushi said preliminary studies indicated that the Ferdows field contained 30.6 billion barrels, the Mound field 6.63 billion and the Zagheh field 1.3 billion. “The exact capacity will be announced shortly,” Kayhan quoted Khamoushi as saying.

The crude is of high density, making it less valuable on world markets than most of Iran’s 90 billion barrels of proven reserves. Commercially recoverable reserves are certain to prove much less than the 38 billion barrels in place, but the find could still rival the world’s two other leading undeveloped fields.

Kazakhstan’s Kashagan also is estimated to hold 38 billion barrels of which 7-9 billion are thought commercially recoverable. Saudi Arabia's Ghawar, brought onstream in 1951, is the world’s biggest oilfield.

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