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Iran says oil field found with 53 billion barrels of crude

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TEHRAN: Iran has discovered a new oil field containing 53 billion barrels of crude, President Hassan Rouhani said Sunday (Nov 10), a find that would increase Iran's proven reserves by over a third.

The field covers 2,400 sq km and is located in Iran's southwestern province of Khuzestan, Rouhani said in a speech aired on state TV.

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"This is a small gift by the government to the people of Iran," he said.

The 80m deep field stretches nearly 200km from Khuzestan's border with Iraq to the city of Omidiyeh, Rouhani added.

The find would add around 34 per cent to the OPEC member's current proven reserves, estimated by energy giant BP at 155.6 billion barrels of crude oil.

Iran is a founding member of the Organization of the Petroleum Exporting Countries and sits on what were already the world's fourth-biggest oil reserves and second-largest gas reserves.

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