Iran Discovers 4 New Oil, Gas Fields

Iranian Oil Minister Javad Owji announced the discovery of four new oil and gas fields through exploration operations across the country.

Speaking to reporters on the sidelines of a weekly cabinet session on Wednesday, Owji said the newly-discovered oil and gas fields include the Cheshm-e-Shoor gas field in Khorasan Razavi province, Ilkan or Irkan oil field in Golestan province, and Tangu and Gonaveh oil fields in Bushehr province.

“Compared to other countries of the region such as Saudi Arabia, Kuwait, UAE, and Qatar, the Islamic Republic of Iran is number one in exploration,” he added.

Last Wednesday, Managing Director of the National Iranian Oil Company Mohsen Khojasteh Mehr (NIOC) confirmed that Iran will reach a milestone oil production figure of 3.5 million barrels per day (bpd) in late September.

Khojasteh Mehr said Iran’s oil output will increase by 150,000 bpd within the next week and by another 100,000 bpd by the end of the month to September 22 to reach a total of 3.5 million bpd.

He added that the figure would be a significant increase from 2.2 million bpd of oil production reported in August 2021 when the current administrative government led by President Raeisi took office.

The official stressed the growth in oil output will entirely serve Iran’s plans to increase its oil exports.

In quitting the 2015 nuclear deal, former President Donald Trump restored sanctions on Iran as part of what he called the “maximum pressure” campaign against the country. Those sanctions are being enforced to this day by the Joe Biden administration, even though it has repeatedly acknowledged that the policy has been a mistake and a failure.

Iranian officials say US attempts to disturb Tehran’s trade through sanctions have failed. They state Washington has been defeated in the maximum pressure policy against their country.

In mid-June, a Reuters report quoting consultants, shipping data and a source familiar with the matter said Iran’s crude exports and oil output had hit new highs in 2023 despite Washington’s harsh sanctions aimed at zeroing down Tehran’s crude sales, adding to global supply when other producers are limiting output.

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