Iran’s newly explored Paranj holds 1.6b in situ barrels of oil

Hassan Shokrollahzadeh-Behbahani said that the field’s extractable oil amounts to 431 million barrels.

The initial daily production capacity of its exploration well is 3,010 barrels which can be increased, he said.

The new crude deposit was discovered near the Karanj oilfield in Ahvaz, the capital of southern Khuzestan Province.

Iran is the world’s second largest oil and gas reserve holders, standing after Saudi Arabia and Russia in these two sectors respectively.

NK/KK

END

MNA