New oil field discovered in southwestern Iran

Iran’s Oil Minister Gholam-Hossein Nozari said on Tuesday that Iran has found a new oil field with in-place reserves of about 500 million barrels in southwestern Iran, said a statement posted on a website affiliated with the Oil Ministry.

When attending the inauguration ceremony of the First Iran Petrochemical Symposium, Nozari announced the new discovery called Arvand, which is located near the city of Abadan in the southwestern province of Khuzestan, the statement said.

Xinhua