Newspaper article THE JOURNAL RECORD

Iran Reports Oil Discovery

Newspaper article THE JOURNAL RECORD

Iran Reports Oil Discovery

Article excerpt

NICOSIA, Cyprus (AP) - Iran has discovered new oil fields with an estimated 10 billion barrels, substantially boosting the country's oil reserves, Oil Minister Gholamreza Aqazadeh announced.

He said in an interview with Iran's state-run television, monitored in Nicosia, that a major discovery was made at Koohe Mand southeast of the northern Persian Gulf port of Bushehr.

``We have hit light and heavy crude (oil), and have discovered substantial deposits of oil totalling 10 billion barrels,'' Aqazadeh said.

``This is a new kind of discovery for our country, because we have found very heavy crude of a kind which we did not have.''

The oil discoveries will bolster Iran's efforts to finance its reconstruction following the Aug. 20 cease-fire in its gulf war with Iraq.

The Koohe Mand discovery will increase Iran's current estimated oil reserves of 93 billion barrels by more than 10 percent.

Aqazadeh said that in addition to oil, a recent discovery of ``vast deposits of natural gas in Assaluyeh. . .will boost our natural gas reserves substantially.''

The Iranian Oil Ministry disclosed in August that the gas find, about 44 miles southeast of the big Kangan-Nar gas fields in the central gulf, has a production capacity of 26 million cubic meters a day. …

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