Iran’s minister: New oil reserves discovered

Azerbaijan, Baku, July 2/Trend M. Moezzi New oil reserves have been discovered in Iran's Yadavaran field, adding five to six billion barrels to the country's exploitable reserves. Oil Minister Rostam Ghasemi, who told Shana news about the discovery, said that at present, Yadavaran is producing 20,000 barrels of oil a day. When the field second phase becomes operational, about 200,000 barrels of oil will be added to Iran's daily production. Yadavaran is 70 kilometers southwest of Ahwaz in Iran's oil rich Khuzestan Province. It is situated on Iran-Iraq border and is shared by the two countries. According to the estimates, there are more than 12 billion barrels of oil in Yadavaran and that number could increase to 30 billion barrels. According to BP annual report published last month, Iran's proved oil reserves are 153 billion barrels.