Iran downgrades new oil find to just 2.2 billion accessible barrels


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(Worthy News) – Iran’s oil minister said Monday that an oil field whose discovery President Hassan Rouhani announced over the weekend adds only 22.2 billion barrels to the country’s estimated crude reserves.

Out of the amount at the site, only a tenth — 2.2 billion barrels — can be extracted due to technological limitations, Oil Minister Bijan Namdar Zanganeh told reporters in Tehran.

Rouhani on Sunday announced the discovery of a field containing 53 billion barrels of oil in the southwestern province of Khuzestan, saying it was a “small gift by the government to the people of Iran.” [ Source: Times of Israel (Read More…) ]

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