Thread by @R_Zandi

#Iran’s #oil Minister, Zangeneh: “the new discovery had added 22 billion barrels of crude oil to previous estimates of the field.”
- The newly-discovered oilfield in Khuzesan was named Namavaran, adding the field had an oil in place estimate of 53 billion barrels.#OOTT #OPEC

- The field was estimated to hold53 billion barrels of crude oil in place and there is a possibility of its southward continuation.

- exploration activities began in2016 and given that 31 b barrels were previously discovered,22 billion barrels were added to previous estimations.

- Assuming 10% recovery rate in the field, 2.2 billion barrels of crude oil have been added to the country’s crude oil production capacity.

-This is the second largest oilfield discovered in Iran following Asmari Oil Layer in Gachsaran with 54 billion barrels of oil in place.

- The field will generate 320 trillion in revenue for Iran with 10 percent recovery rate, he added.
- API: 23-24
#OOTT #OPEC