Iranian and Chinese oil firms have discovered 30 billion barrels of oil in place at a south-western oilfield that borders Iraq, Reuters has reported, citing the Jomhuri-ye Eslami newspaper. Average recovery factors are between 20% and 50% of oil in place, enabling the Arvand-Kenar field to boost Iran's proven reserves by as much as 15 billion barrels, according to calculations by Reuters.
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