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Iran has discovered a new gas field

August 09/2011

(Arabian Oil and Gas) -- Iran has discovered a gas field with 495 billion cubic metres of gas that it estimates is worth USD 133 billion, Deputy Oil Minister Ahmad Qalebani told a news conference. Qalebani claims that 658 million barrels of oil equivalent (boe) from the 1.5 billion boe field are recoverable.

Iran hopes to discover 2.5 billion barrels of recoverable oil and 23 trillion cubic feet of gas in the course of its fifth five-year development programme to 2015.

The Iranian Oil Ministry has also confirmed that it has received USD 1.33 billion from Indian in overdue payments for shipments of natural gas. A debt of USD 5 billion arose as international sanctions against Iran prevented direct payment from India. The new arrangement is for payment through a proxy in Turkey.

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