Reuters reports that Iran recently made a major oil discovery, finding an oil field that has estimated reserves of 38 billion barrels of oil. If true, that would make it one of the world’s largest undeveloped oil fields.
Reuters quoted Iran’s Oil Development and Engineering Company general director Abolhasan Khamoushi as saying that the vast oil reserves were discovered in three neighboring oil fields near the southern port city of Bushehr.
Work is currently underway to determine how much of that oil is commercially obtainable.
Report: Iran makes giant oil find. Reuters, July 14, 2003.