Tehran Announces Discovery Of A Potential 525mn Barrel Oil Field

Iran has announced the discovery of a new oil field with 525mn barrels (bbl) of in-place reserves. The news follows the July 14 announcement of the discovery of a significant oil field in the oil rich province of Khuzestan, which is said to hold 1.1bn bbl of in-place reserves. Iran's hydrocarbon potential is unquestionably great, but development has been hindered by a challenging political climate, with mounting US-led pressure over Tehran's nuclear programme, underinvestment and internal political divisions.

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