Iran has announced a major new oil discovery, consisting of three fields with initial reserve estimates of 38,000 million barrels of heavy, sour crude. The discovery will boost the local oil sector, which has been overshadowed in recent years by the development of the country's Gulf gas reserves.
The three fields are located in the south of the country near Bushehr. They are: Ferdowsi, with estimated reserves of 30,600 million barrels; Mound, with estimated reserves of 6,630 million barrels; and Zagheh, with estimated reserves of 1,300 million barrels. The crudes are reported to be of high density and low API. Iran Oil Development & Engineering Company (IODEC) general director Abolhasan Khamoushi announced the discovery on 14 July. IODEC is the National Iranian Oil Company (NIOC) subsidiary responsible for exploration.
Iran's other major recent oil discovery, the 26,000 million-barrel Azadegan field, was located in 1998. However, plans to develop it have still not been realised due to protracted negotiations with a Japanese consortium.
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