Production at Namavaran field to change global attitude to Iran

Business Materials 14 November 2019 18:19 (UTC +04:00)
Production at Namavaran field to change global attitude to Iran

BAKU, Azerbaijan, Nov. 14

By Elnur Baghishov - Trend:

With the launch of production at the new Namavaran oil field in Iran, the global attitude to Iran and to its energy potential will change, former Iranian representative at the OPEC Mohammad Ali Khatibi said, Trend reports referring to Young Journalists’ Club (YJC).

Khatibi noted that the discovery of the Namavaran field has increased Iran’s oil reserves, adding that the implementation of the development and production program of this field is very important.

The former Iranian representative at OPEC added that there are a lot of potential oil fields in the world where extraction haven't started yet, and it is necessary to invest to use this potential.

Khatibi said that the discovery of Namavaran oil field won’t have any impact on Saudi Arabia’s oil field and its oil market.

Commenting on the impact of Iran’s newly discovered oil field on the world market, the former Iranian representative at OPEC noted that unless oil prices are regulated, all countries will have to sell oil at low prices.

“Because the oil market is under the control by OPEC decisions, oil prices in the world market won’t go down significantly if countries with oil reserves agree with each another,” Khatibi said.

On Nov. 10, Iranian President Hassan Rouhani said that a new oil field was discovered in Iran’s Khuzestan province.

Iran’s Oil Minister Bijan Zangeneh said that the Namavaran field has 53.3 billion barrels of oil.

The Iranian minister noted that 2.2 billion barrels of oil may be extracted from the field and could bring Iran profit of $32 billion based on the current oil price.

In total, 73 oil and gas fields have been discovered in Iran over the past 40 years. Of these, 36 are oil fields and 37 are gas fields. Iran has oil fields with reserves of 240 billion barrels, and of this volume, 126 billion barrels may be extracted. Iran has 33.3 trillion cubic meters of gas reserves.