Iran says it has discovered oilfield with 53 billion barrels

Rouhani: Iran finds new oilfield with 53 billion barrels

Rouhani: Iran finds new oilfield with 53 billion barrels

Since withdrawing from Iran's 2015 nuclear deal with world powers, the United States has reimposed sanctions to strangle its vital oil trade.

Rouhani made the announcement Sunday in a speech in the desert city of Yazd.

The discovery of a new oilfield would boost Iran's proven crude oil reserves by a third.

Rouhani travelled to the city of Yazd on Sunday to give a speech about Iran's economy, the oil sector and to express sympathy with natural disaster victims.

The field stretches over 2,400 sq km in the oil-rich Khuzestan province, Rouhani said.

Iran's oil revenues will increase by $32bn (£25bn) "if extraction rate from the oil field increases only 1%", he added. Figures can vary wildly by country due to differing standards, though it remains a yardstick of comparison among oil-producing nations.

Iran is a founding member of the Organisation of the Petroleum Exporting Countries and sits on what were already the world's fourth-biggest oil reserves and second-largest gas reserves. It shares a massive offshore field in the Persian Gulf with Qatar.

The new oil field could become Iran's second largest field after the one containing 65 billion barrels in Ahvaz, says the AP news agency.

The 80-metre deep field stretches almost 200 kilometres from Khuzestan's border with Iraq to the city of Omidiyeh, Rouhani added.

Iran has been struggling to sell oil overseas because of tough U.S. sanctions. Iran since has gone beyond the deal's stockpile and enrichment limits, as well as started using advanced centrifuges barred by the deal.

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