Iran discovers new oil and gas fields – report

TEHRAN (Reuters) – Iran’s oil minister announced on Saturday the discoveries of an oil field and a gas field, estimating the total value of their reserves at $85 billion, a semi-official news agency reported.

Massoud Mirkazemi said the newly-discovered oil field called Soumar was located in the western Kermanshah province.

“This new oil field has reserves of 475 million barrels of oil, of which 70 million barrels are recoverable,” he was quoted as saying by Mehr News Agency.

“If we value the recoverable oil at $70 dollars a barrel, the estimated value of the newly-discovered oil at this field would be $5 billion,” he said.

Reuters