Code: 834058 A

An energy expert said under normal circumstances, Iran’s new oilfield could have encouraged international companies to invest in Iran.

Speaking to ILNA news agency, he added that this new discovery -Iran’s new oilfield in Khuzestan Province has been named ‘Namavaran’- is mostly domestic because under sanctions we cannot attract foreign investment.

“Under normal circumstances, the more oil we have, the more foreign companies are thinking about long-term investment in our country, meaning this is considered as win-win deal for both sides,” petroleum engineer and energy journalist said.

“The fact is that foreign policy is very effective on oil and gas policies.”

Following the announcement of a huge oil field discovery in the southwest at the weekend, Iran Oil Minister Bijan Namdar Zanganeh said Monday that with an estimated 53 billion barrels of crude oil in place, it is the second largest oilfield discovered in Iran after the Asmari layer in Gachsaran that holds 54 billion barrels of crude oil,” the Oil Ministry news agency Shana quoted Zanganeh as saying.

The field straddles from Bostan to Omidiyeh counties in Khuzestan and is nearly 2,400 km long and 80 meters deep.

With an estimated 157 billion barrels of proved crude oil reserves, Iran has the world’s fourth–largest oil reserves and the second-largest gas reserves.

During the past 40 years, 73 oil and gas fields have been discovered in Iran, head of the Exploration Department of the National Iranian Oil Company said. “They include 36 oil fields and 37 gas fields, 26 of them are joint fields,” Seyyed Saleh Hendi said.

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US sanctions Oil field Namavaran Iran’s new oilfield
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