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Speaking on the sidelines of the First Iranian Petrochemical Conference, Oil Minister Gholamhossein Nozari said Iran has found a new oil field holding in-place reserves of about 500 million barrels.
The new oil field, Arvand, is located in the city of Abadan in the southwestern province of Khuzestan, Nozari said.
The new report came as the country announced this month the discovery of two new oil fields with in-place reserves of more than 1.6 billion barrels.
Iran is the world’s fourth oil producer and holds the world’s second largest reserves. The country’s oil reserves are estimated at around 136 billion barrels.
Other speakers of this year’s conference were: First Deputy Oil Minister Ali Kordan; Deputy Oil Minister for Petrochemical Affairs Gholamhossein Nejabat; Petrochemical Research and Technology Company’s Managing Director Vahid Haddadi-Asl; Vice President for Science and Technology Sadegh Vaez Zadeh; Advisor to Supreme National Security Council Secretary Javad Vaeedi; Planning and Development Director for Petrochemical Industries Mohammad Hasan Peyvandi; Oil Ministry’s Health and Environment Office Chairman Mohammad Hossein Ardeshiri; and Arya Sasol Polymer Company’s Managing Director Abbas She’ri Moqaddam.
The two-day conference will wrap up today, Wednesday.
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