Iran has discovered a new oil field in the southwest of the country that has the potential to boost its reserves by about a third, President Hassan Rouhani said Nov. 10.
“Workers and the exploration arm of the National Iranian Oil Company ...have found an oil field with 53 billion barrels of reserves,” Rouhani said in a televised speech in the central city of Yazd.
The field stretches over 2,400 sq km (927 sq miles) in the oil-rich Khuzestan province, Rouhani said.
Iran ranks as the world’s fourth–largest reserve holder of oil and the second-largest holder of gas reserves, according to the U.S. Energy Information Administration (EIA).
Iran had an estimated 157 billion barrels of proved crude oil reserves in January 2018, the EIA website said.
Since withdrawing from Iran's 2015 nuclear deal with world powers, the United States has reimposed sanctions to strangle its vital oil trade.
Devon Energy CEO Dave Hager said the industry in general, Devon included, has not delivered acceptable returns to investors.
As part of creating value, Parsley Energy is also divesting what it called “tail-end inventory” in the Southern Midland Basin for about $170 million.