Iran announces massive gas field discovery

Tehran, Jan 17 (MNA) A new onshore gas field worth USD50 billion has been discovered in the southern part of Iran,Oil Minister Masoud Mirkazemi has said.

The new field, called Khayyam, has 260 billion cubicmeters gas in place, Mirkazemi said, adding 210 billion cubicmeters of the reserve is recoverable.

"The field also holds some 220 million barrels of gascondensates, 100 million barrels of it is recoverable,"Mirkazemi said yesterday.

The value of the gas and gas condensates has beenestimated at least USD 50 billion," he noted.

Mirkazemi said in October that a new oilfield had beendiscovered in southern Iran, increasing the country''s provenoil reserves to 150.31 billion barrels.

He also announced the discovery of a new gas field --named Sefid (white) -- in Iran''s southern province ofHormozgan, saying that the field contains "70 billion cubicmeters of gas, 72 percent of which can be exploited."

"Over the course of the past six months, the country''soil and gas reserves have been reassessed. According to thelatest studies, the country''s oil reserves have reached 150.31billion barrels," Mirkazemi said on November 30, 2010.

Iran boasts the world''s second-largest natural gasreserves after Russia. Iran is also the world''s third-largestoil producer. (MNA)