Iran announces untapped oil discovery

Iran announces untapped oil discovery

Oil Minister Bijan Zanganeh told local media that Iran has discovered a new source of oil as the country continues to pursue new oil production opportunities despite US sanction.

“This is the first time we’ve reached oil in the Abadan region,” Zanganeh said.

Following the sanctions imposed, in December Iran continued to ship 1.3 million bpd abroad, according to the International Energy Agency (IEA).

Furthermore, Allies of Tehran have offered support in exploration and production growth, with China’s Sinopec offering $3 billion to Iran’s state oil company to expand the development of a major oilfield, Yadavaran.

President Hassan Rouhani said: “With regard to oil issues, luckily we are pursuing various paths and roads for selling oil and we bypass American sanctions with pride.”

After the sanctions were imposed, Iran’s biggest clients – Japan, China, India, South Korea, Taiwan, Italy, Greece and Turkey – were granted waivers that allow them to import limited oil for another 180 days.

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