November 16th, 2019
Via The Wall Street Journal, a report on Iran’s discovery of an estimated 50 billion barrels of crude oil, a discovery almost as big as the U.S.’s proved reserves of 61.2 billion barrels:
Iran’s president Hassan Rouhani said Sunday that a new giant oil field had been discovered in the country’s south.
With an estimated 50 billion barrels of crude oil, the discovery is almost as big as the U.S.’s proved reserves of 61.2 billion barrels, based on BP PLC’s data.
“The United States must know that Iran is a rich country, and despite cruel sanctions, Iranian workers and engineers discovered a new oil field,” he said.
He said the discovered field was located in Iran’s oil-rich Khuzestan province. The find comes after Iran announced a giant discovery of natural gas last month.
It is unclear how Iran could monetize its giant reserves. The country’s oil exports have fallen from 2.5 million barrels a day to 200,000 barrels a day since May 2018 due to the U.S. sanctions.
Focusing primarily on The New Seven Sisters - the largely state owned petroleum companies from the emerging world that have become key players in the oil & gas industry as identified by Carola Hoyos, Chief Energy Correspondent for The Financial Times - but spanning other nascent opportunities around the globe that may hold potential in the years ahead, Wildcats & Black Sheep is a place for the adventurous to contemplate & evaluate the emerging markets of tomorrow.