Tuesday, 23 November 2010

Iran finds major oil layer off the coast of Persian Gulf

Iran has discovered a major oil layer beneath at a natural gas field off the coast of Persian Gulf. Pars Oil and Gas Company's Managing Director Ali Vakili said the company found an oil layer at the Ferdowsi gas field, estimated to contain around 34 billion barrels of oil.

"The new oil layer is regarded as one of the biggest layers in the country and it is located beneath Ferdowsi gas field. We are currently digging an oil rig to complete our assessments," said Vakili in a meeting in Tehran.

He also said the oil layer was one of the largest in the country, uncovered in the South Pars field. Vakili gave no details about the size of the latest discovery, but added that more than half of the gas from South Pars would come on stream by early 2012.

Source: Press TV

For more news and expert analysis about Iran, please see Iran Strategic Focus.

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