Iran explores new oil field believed to hold 1 billion barrels of crude oil

Iran is exploring a newly-discovered oil field believed to contain more than one billion barrels of crude oil, State TV said Sunday. The report quoted Iranian Oil Minister Gholamhossein Nozari on Sunday as saying the area holds about 1.1 billion barrels of crude oil. He says about 220 million barrels are "recoverable." He did not elaborate. It said the oil field was located near Andimeshk, in the oil-rich province of Khuzestan, some 290 miles southwest of Teheran. As the fourth-largest oil producer in the world, Iran ranks second for output among OPEC Countries, and controls about 5 percent of the global oil supply.