Iran has discovered oil in the southwestern Abadan region for the first time, Oil Minister Bijan Zanganeh was quoted as saying by the Mehr news agency on Jan. 23.
The oil was found at a depth of 3,570 m (11,712 ft) in an exploratory well and is “very light and sweet”, Zanganeh reportedly said.
“This is the first time we’ve reached oil in the Abadan region,” the minister was quoted as saying.
Zanganeh gave no estimate of how much oil the well might contain.
The U.S. withdrew from a nuclear deal with Iran last year and imposed sanctions to choke Iran’s oil and banking industries, while temporarily allowing eight customers to keep buying crude from the Islamic Republic.
Iran cannot be shut out of global energy markets because of its vast oil and gas reserves, President Hassan Rouhani said on Wednesday, according to the official presidency website.
“With regard to oil issues, luckily we are pursuing various paths and roads for selling oil and we bypass American sanctions with pride,” Rouhani said.
Recommended Reading
Rhino Taps Halliburton for Namibia Well Work
2024-04-24 - Halliburton’s deepwater integrated multi-well construction contract for a block in the Orange Basin starts later this year.
Halliburton’s Low-key M&A Strategy Remains Unchanged
2024-04-23 - Halliburton CEO Jeff Miller says expected organic growth generates more shareholder value than following consolidation trends, such as chief rival SLB’s plans to buy ChampionX.
Deepwater Roundup 2024: Americas
2024-04-23 - The final part of Hart Energy E&P’s Deepwater Roundup focuses on projects coming online in the Americas from 2023 until the end of the decade.
Ohio Utica’s Ascent Resources Credit Rep Rises on Production, Cash Flow
2024-04-23 - Ascent Resources received a positive outlook from Fitch Ratings as the company has grown into Ohio’s No. 1 gas and No. 2 Utica oil producer, according to state data.
E&P Highlights: April 22, 2024
2024-04-22 - Here’s a roundup of the latest E&P headlines, including a standardization MoU and new contract awards.