Iran announces huge new oil field and digs at USA sanctions

Iran announces huge new oil field and digs at USA sanctions

Iran announces huge new oil field and digs at USA sanctions

DUBAI-Iran has discovered a new oilfield in the southwest of the country that has the potential to boost its reserves by about a third, President Hassan Rouhani said on Sunday.

The announcement comes as Iran is struggling to sell its oil overseas in the wake of sanctions imposed by the United States. This is in a big oil field that stretches 2,400 sq km from Bostan to Omidiyeh.

Iran on Sunday claimed to have found a new oil field that would boost its supply by a third - delivering the news with a shot at USA sanctions.

Back in October, the director of the National Iranian Oil Company (NIOC)'s discovery department announced the discovery of new oil and gas fields in the country.

Iran is one of the world's largest oil producers, with exports worth billions of dollars each year.

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In an address to a gathering of people in Iran's central city of Yazd on Sunday, Rouhani said a huge oil field has been recently discovered in the southwestern province of Khuzestan.

Its existing proven reserves are of some 150 billion barrels, Mr Rouhani said.

The president further highlighted a rise in the Iranian non-oil exports in spite of the USA sanctions, saying that concerted efforts to boost scientific and technological interaction with the world and supporting the knowledge-based companies would mark a major upheaval in Iran's economy and defeat the enemies.

Under the accord, Iran agreed to limit its sensitive nuclear activities and allow in global inspectors in return for sanctions relief.

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