TEHRAN: Iran has discovered 30 billion barrels of in place oil in a southwestern oilfield that borders Iraq, the Jomhuri-ye Eslami newspaper reported on Tuesday.
"An Iranian company along with a Chinese company are preparing the ground for exploration of oil in the Arvand-Kenar field that has 30 billion barrels of oil in place," the daily quoted Latif Hayayi Ahvazi, governor of Arvand-Kenar town, as saying.
The official did not name the Chinese company.
Iran is one of the world’s biggest oil and gas producers but the industry has been hit by US and UN sanctions that have frightened away international energy firms from investing in the Islamic republic.
Iran has increasingly turned to Asian firms but they often lack the technology to implement oil and gas projects.
The West fears Iran’s nuclear program is aimed at developing weapons. Iran, the world’s fifth-largest crude exporter, says it only aims to generate electricity and has repeatedly refused to bow to international demands to halt uranium enrichment.
