Iran discovers new offshore oil field

Iran's state television says the country has discovered a new offshore oil field in the Persian Gulf that contains more than one billion barrels of crude.

Iran's state television says the country has discovered a new offshore oil field in the Persian Gulf that contains more than one billion barrels of crude.

HT Image

Tuesday's report quotes the head of the government-owned Iranian Offshore Oil Company, Mahmoud Zirakchian. He says the amount of recoverable oil from the field, named Binaloud after an Iranian mountain range, will be announced later.

Last week, Iran said it discovered seven other oil fields containing about one billion barrels of recoverable oil.

Iran is the fourth-largest oil producer in the world and ranks second in output among OPEC countries.