Iran has announced the discovery of an oilfield with an estimated reserve of 750 million barrels in its southwestern Jofeir field.
“Recent drilling in Jofeir has led to the discovery of a new oilfield with an in-place reserve of 750 million barrels,” Iranian Oil Minister Gholam-Hossein Nozari said on Saturday.
Nozari added that with the new discovery, Jofeir’s current output of 25,000 barrels per day would increase to 33,000 barrels.
The first phase of the project with the output of 15,000 barrels per day will be launched in the coming year, while the second phase with the output of 10,000 barrels per day will be commissioned in 2011.
Iran, the world’s fourth largest crude oil exporter, announced in September that it had signed a $450 million contract with Belarus for Minsk to extract 40,000 barrels of oil per day from its Jofeir oilfield.
CS/HGH
