Iran discovers vast new oil reserves

[bananas]

Source: Press TV

Iran has discovered more than 8.8 billion barrels of oil in four layers of reserves in the country's southwestern Susangerd oil field.

"These reserves were discovered after drilling through all the new layers of reserves, to a depth of 5,026 meters (16,489.5 ft), and the expected and possible amount of reserves in this field is over 8.83 billion barrels," Iran's Oil Minister Gholam-Hossein Nozari said in a statement on Monday.

The minister described the field as the most significant discovery in the past 5 years. "The development of this field can play an effective role in raising the crude oil production in the country," he said in the statement.

Nozari explained that other exploration programs were in the offing in the region, with an exploratory borehole of 5,100 meters (16,732.3 ft) planned for the full assessments of reserve layers in the fields of Ilam, Sarvak, Gadvan and Fahlian districts.

<snip>

Read more: http://www.presstv.ir/detail.aspx?id=104393§ionid=351020103

[bananas]

1. Tehran Times

http://www.tehrantimes.com/index_View.asp?code=201739

Iran discovers massive oil reserve
Tehran Times Economic Desk

<snip>

""This is the largest oil reserve found in the country in the past five years,"" Nozari said, ""development of the field can boost the country's crude oil production capacity to a great extent,"" he added, the Mehr news agency reported.

Considering that the field is located in the vicinity of some currently producing oilfields, its development will be feasible and its early production is likely to happen in the near future, Nozari said.

Iran has the world's third-largest oil reserves, behind Saudi Arabia and Canada. It recently added that its reserves had grown to 138 billion barrels from 90 billion barrels, thanks to reserves discovered over the last three years.

Iran, OPEC's second largest oil producer, plans to open some of its oil and gas fields to foreign investment to help boost output by 2015 to 5.3 million barrels per day, from the current 4.2 million barrels per day

[dbonds]

2. Why are they announcing this, are they asking to be invaded?

[parasearchers]

4. It's a game of Chicken

Isreal wants to attack, Russia wants Irans Oil and is a patron of Iran. Basically its setting Isreal up for a showdown with Asian Block nations.

[Brother Buzz]

10. Russia wants Iranian Oil?

Russia already exports twice as much oil as Iran and almost as much as Saudi Arabia. Russia wants Iranian money and is willing to sell weapons, develop oilfields, and maybe even build pipelines to move the oil to markets for Iran. Iran is strategically located too, so an alliance with them is a win win situation for both parties.

Oil Exporting Countries

* Saudi Arabia (8.73 million barrels per day)
* Russia (6.67)
* Norway (2.91)
* Iran (2.55)
* Venezuela (2.36)
* United Arab Emirates (2.33)
* Kuwait (2.20)
* Nigeria (2.19)
* Mexico (1.80)
* Algeria (1.68)

[dipsydoodle]

17. More likely

China and India.

[Brother Buzz]

21. China and India are both huge oil importers

China is behind only United States and Japan on the import numbers, they have an insatiable appetite for oil. India would love to tap into a reliable natural gas supply, now, how to get a gas pipeline from the Caspian sea fields/Iran through Afghanistan and Pakistan?

Geopolitical Petroleum industry makes strange bedfellows.

[Doctor_J]

16. No kidding. Maybe they "discovered" it back when Cheney was prez

and now feel it's safe to announce it.

[pattmarty]

3. Warm up the missiles and get the draft ready, wahoo, here comes freedom.

[KansDem]

36. LOL!

:rofl:

And "democracy." Don't forget "democracy."

[DisgustedTX]

39. Haven't laughed that hard at a one-liner in a long time

Bravo!

[AlphaCentauri]

41. RLOL

[shadowknows69]

5. Aww fuck.

[BOG PERSON]

11. That oil should have been ours!!

OURS!!! :nuke:

[FailureToCommunicate]

6. So...why is the Iranian govt. so hot to develop nuke power when they have

like a gazillion years of oil reserve?

[amandabeech]

8. It's not that much oil. The world uses 85,000,000 (approx.) per day.

So . . . that 8.8 billion would last about 100 days if it could be pumped out all at once.

Oil is extremely valuable as a transportation fuel. It's portability and energy intensity are unique. There really isn't anything as good for a great deal of transportation needs.

Then there are chemicals.

We can generate electricity from multiple sources, some of which don't release much in the way of greenhouse gases.

We should use those for electricity and limit our oil use to transport and chemicals, IMHO.

[Javaman]

12. I had the same thought, it's not that much and...

them saying this is the largest discovery in the past 5 years also isn't anything to be really happy about. In the grand scheme of things, this is a drop in the bucket. just highlights the fact that they get orgasmic over smaller and smaller finds, almost to the point where they are breaking out the champagne over any find these days.

[Canuckistanian]

25. That's true

It may be a big find for them, but on a global scale, it ain't much.

Certainly not a game-changer in terms of major geopolitical events.

[amandabeech]

35. Excellent points. Thanks for posting. n/t

[mustardman]

15. Natural Gas

Natural gas comes relatively close and we have PLENTY of that. The Energy secretary is talking about converting up to 400,000 transport trucks.
http://www.chrismartenson.com/forum/natural-gas-vehicles%E2%80%94how-much-can-they-reduce-oil-imports/14308

[polly7]

13. I read a while ago they lack the refineries to process it and

can't keep up with domestic consumption.

ETA: I couldn't find the article I read, but here's another:

http://www.washingtonpost.com/wp-dyn/content/article/2006/05/31/AR2006053101464.html

[dipsydoodle]

18. For export -

not home consumption.

[Canuckistanian]

24. The Iranian govt. is earnestly seeking other energy sources

They don't want to be tied to petroleum. I honestly think they're anticipating a future when oil ISN'T king.

Until then, they're happy to sell off their own reserves to the highest bidder.

[harun]

27. Because oil is not equal to electricity, nor does it do that much for your economy

if it isn't managed correctly.

[FarCenter]

29. Because they want to keep and benefit from the oil

And not be conquered by the West and the West's oil companies.

[dysfunctional press]

31. maybe they've heard of global warming...?

:shrug:

[Ian David]

7. They had better build nukes now, or some Republican pResident will take it from them. n/t

[Hoyt]

9. That's the truth.

We've shown what we are capable of with the bombing/invasion of Iraq - a country with no air force, no navy, and no weapons of consequence at the time. I'd dang sure nuke up if I could, or align with someone who will protect them. What a mess and war waiting to happen.

[RUMMYisFROSTED]

34. Likely President Bachman.

:patriot:

[Yo_Mama_Been_Loggin]

14. Here comes the neo-cons

We've got to invade Iran to stop Gog and Magog.

[provis99]

19. "vast" new oil reserves?

8.8 billion barrels is a tiny field. The last time a big field was found (175 billion barrels) was found in Saudi Arabia in the '70s. There have been NO big finds since then. We are running out of oil rapidly, and it will get geometrically worse as the Chinese and Indians start buying cars.

[IDemo]

20. Roughly 105 days worth, if my numbers are current

Assuming daily global usage at around 84M barrels (more or less, could be less because of the recession). And that's assuming there actually exists that much viable, economically extractable oil.

So they loaded up the truck and they moved to Burj Dubai! :)

[Prometheus Bound]

22. It would extend their current exports by 9.5 years.

Considering they're the world's 4th largest exporter, that's pretty huge.

[GliderGuider]

33. Not exactly "tiny", but not terribly significant in global terms.

Perhaps good for Iran, it boosts their oil reserves by about 6%. But compared to the known remaining global oil reserves (1-1.5 trillion barrels) it's a very small drop in the bucket.

To put it into perspective, here's a chart of the world's 18 biggest oil fields. URR means Ultimately Recoverable Reserve, the total amount expected to be extracted from a field over its life. It's worth noting that Cantarell in Mexico, one of the world's 10 biggest fields, discovered in 1976, is gurgling its last at this point.

[truthisfreedom]

23. The world pumps out 100,000,000 barrels of oil per day, approximately. That's enough for 80 days.

Big fucking whoop.

Look at this site, where you can see how many barrels were pumped out today.

[Arctic Dave]

26. You know things are bad when they consider that tar sands crap in Canada reserves.

[harun]

28. Got that right.

[FarCenter]

30. Venezuela has 1,200 billion barrels in the Orinoco tar sands

It is easier to extract and refine that the Athabascan tar sands in Canada.

It is only a matter of time before we contrive some excuse to invade Venezuela.

[TankLV]

32. unfortunately for Iran, they're all in tanks outside HOUSTON...

[flvegan]

37. Time for another round of "Shock & Awe" anyone?

I kid. As critical as I am of some things Obama's done/not done so far, he's certainly no Bush/Cheney.

[Parche]

38. Time to INVADE Iran

:hi:

[conspirator]

40. if cheney was still VP he would be salivating nt