Iran Finds New Oil Field With Over 50 Billion Barrels: Rouhani

[Tom Kirkman + 8,860]

Funny this huge oil discovery in Iran is announced shortly after Saudi Aramco announced its plan to move forward with an IPO.

< *cough* >

Iran Finds New Oil Field With Over 50 Billion Barrels: Rouhani

Iranian President Hassan Rouhani has made an unusual announcement distinct from his normal emphasis on mere 'defiance' of US sanctions; instead, he is now boasting of the discovery of a new oil field with over 50 billion barrels of crude in the country's south. 

"I am telling the White House that in the days when you sanctioned the sale of Iranian oil and pressured our nation, the country's dear workers and engineers were able to discover 53 billion barrels of oil in a big field," Rouhani said in a speech Sunday.  ...

 

[canadas canadas + 136]

I am assuming that this discovery would be sour crude like most Iranian and Middle East crudes.

[Douglas Buckland + 6,308]

I believe everything that Rouhani says,,,😂

[NickW + 2,714]

This sounds like a downplay on an Iranian urban Myth that Iran is sitting on a reserve so big it would supply the entire world for 50 years however the American Satans / British Devils have stopped them from developing it. 

I assume its a myth......

[Tom Kirkman + 8,860]

2 hours ago, NickW said:

This sounds like a downplay on an Iranian urban Myth that Iran is sitting on a reserve so big it would supply the entire world for 50 years however the American Satans / British Devils have stopped them from developing it. 

I assume its a myth......

Iranian Anti - Satan Oil is far better for the environment than ordinary U.S. - Satan Fracking Oil or Saudi - Aramco IPO Oil. 

According to a myth.

[canadas canadas + 136]

It does not appear that its large crude oil reserves have benefited most Iranians.  One just has to look at the daily protests going on in Iran.  The protests in Iraq are very serious and getting out of control.  This is just the tip of the iceberg since people in many different countries are now protesting against over 40 years of neoliberalism.

[John Foote + 1,135]

2 hours ago, canadas canadas said:

It does not appear that its large crude oil reserves have benefited most Iranians.  

Iran is a mess, no doubt. One odd consequence of the years of sanctions is a level of self-sufficiency the other Middle East oil producing countries don't have. Given a change in government, which has to be internally driven and accepted, the country could launch forward. The basic education and work ethic is in place. 

I am pessimist about any true short term change. But I suspect long term they will outperform their peers on the other side of the Gulf.

About a month ago the Iranians had a refinery incident that was probably pay back for Abqaiq. A lot happens in the world we don't hear about.

[wrs + 893]

What kind of oil sits 260 feet below the surface?

[NickW + 2,714]

17 minutes ago, wrs said:

What kind of oil sits 260 feet below the surface?

I assumed that referred to the pay zone - not the actual depth of the oil which would be extremely shallow. 

[wrs + 893]

12 minutes ago, NickW said:

I assumed that referred to the pay zone - not the actual depth of the oil which would be extremely shallow. 

That makes more sense, thanks.

[Ward Smith + 6,615]

1 hour ago, wrs said:

What kind of oil sits 260 feet below the surface?

Much of the Canadian oil sands sit about there, along with the Venezuelan heavy. 

[J.R. Ewing + 19]

6 hours ago, wrs said:

What kind of oil sits 260 feet below the surface?

The Jed Clampett kind of oil

[Jan van Eck + 7,558]

I would be surprised if the folks there have even remotely begun to find all the oil underneath that part of the world.  50 billion sounds rather paltry to me.  Hey, what happens to the world oil picture if it turns out to be ten times that? 

[canadas canadas + 136]

There is a huge continental shelf on the west side of Florida that hasn't been touched due to regulations.  

[wrs + 893]

On 11/11/2019 at 1:51 PM, Ward Smith said:

Much of the Canadian oil sands sit about there, along with the Venezuelan heavy. 

That is what I was thinking but does the world need more of it?  Based on the wording in the article I guess it could be sludge at 260 feet or it could be that the thickness of the play is 260 feet, it's not clear which is correct.

Edited November 13, 2019 by wrs

[Ward Smith + 6,615]

3 hours ago, wrs said:

That is what I was thinking but does the world need more of it?  Based on the wording in the article I guess it could be sludge at 260 feet or it could be that the thickness of the play is 260 feet, it's not clear which is correct.

Here's the quote

Quote

The new oil field could become Iran's second-largest field after one containing 65 billion barrels in Ahvaz. The field is 2,400 square kilometers (925 square miles), with the deposit some 80 meters (260 feet) deep, Rouhani said.

Given that it's a politician every word needs a mountain of salt, but I'd guess it's 80 metres down. Next we could divide 50 billion by the acreage to guesstimate the acre feet of play. The number seems high to me, but what do I know? There's about 3 billion bbls of heavy in Texas that no one can produce sitting around the same depth.