0415 GMT October 22, 2019
The find was made in a reservoir 3,900 meters below the earth’s surface. The site is estimated to house enough energy to power all homes in Tehran – a city of more than 12 million people – for 16 years, the report said.
“This field was discovered after a year of continuous exploration in southern Iran,” head of exploration at the National Iranian Oil Company (NIOC) Saleh Hendi said.
More detailed information about the land-based hydrocarbon discovery will soon be announced by the NIOC managing director, the official added.
Hendi also confirmed the discovery of new oil reserves in the southwestern Dezful region, first announced in August.
The reservoir was found in the Ilam and Gurpi formations which are extended in the provinces of Khuzestan, Lorestan and Fars.
The Gurpi Formation is one of the most important lithostratigraphic units in the Zagros foreland basin because of its significance in the petroleum geology of Iran as the source rock.
Iranian officials have said the country is pressing ahead with its energy development plans despite intensified US sanctions which seek to cripple the country.
Last December, Hendi said some 35-40 new hydrocarbon reservoirs had been discovered across Iran, which needed development. “We are now ranked first in the world for oil and gas reserves," he said.
Hendi also said Iran was scouring 60 percent of its total area for new oil and gas reserves, including in places which were deemed the least likely to have hydrocarbon-bearing formations.
In January, the country struck oil in Abadan, and located reserves of “very light and sweet”. The discovery on Minoo Island was the first ever oil find in the general area of Abadan which is home to Iran’s largest and oldest oil processing facility.