New Gas Field Discovered in Southern Iran

A senior Iranian oil official announced on Sunday that the country has discovered a new gas field with considerable in-place reserves.
The gas field is located in the Southern parts of the country and in on an onshore region,” the National Iranian Oil Company (NIOC) Director for Exploration Seyed Mahmoud Mohaddes stated, adding that the gas field has a considerable volume of gas reserves.

He went on to say that Iranian officials found the gas field after discovering another field named Khayyam in the Persian Gulf coastal regions, East of Assalouyeh.

According to NIOC, the value of the natural gas and gas condensates in Khayyam field stands at over $50 billion.

Iran ranks fourth in the world in terms of crude production after Russia, Saudi Arabia and the United States. The Islamic Republic is also 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.

Earlier, the British energy company (BP) said in its latest Statistical Review of World Energy that Iran increased its crude oil and natural gas production last year.

The British company also stated that Iran has oil reserves that would last for the next 88 years and is the second longest-lasting oil source in the world.