Iran discovers new onshore oil field

Iran has discovered a new onshore oil field with an estimated reserve of two billion barrels, state-run television reported Thursday. Hassan Behbahani, an official of the National Iranian Southern Oil Fields Co., said the discovery was made at the Bangestan layer of the Ab-Teymour oil field, in the oil-rich province of Khuzestan, reported the state TV and Dow Jones Newswires. The National Iranian Southern Oil Fields Co. is affiliated with the National Iranian Oil Co. The newly discovered oil is in a layer around 40 square kilometers (15 square miles) wide, Behbahani said. Iran, the second largest producer in the Organization of the Petroleum Exporting Countries, or OPEC, and the fourth largest in the world, possesses 12 percent of the world's crude, with an estimated 130 billion barrels of recoverable oil.