Sunday, November 10, 2019

Peak Oil? What Peak Oil? Iran Reports Huge Crude Oil Discovery -- November 10, 2019

Iran can't be trusted with reports like this, but in this case, there's nothing to suggest this report is bogus. Putting this in perspective: this is like finding another Bakken.

Link here. Data points -- with a bit of politics and opinion throw in --
  • Iran
  • new oil reservoir called "Namavaran"
  • previously proven reserves in the field: 31.3 billion bbls
  • new proven reserve in the field: 22 billion bbls
  • total proven reserve in the field: 53.3 billion bbls
  • new recoverable oil with recovery rate of 10%: 2.2 billion bbls
  • new oilfield -- estimates, 53 billion bbls or oil
  • located in the country's oil-rich Khuzestan province
  • will boost the country's reserves by a third
  • Iran: fourth-largest reserve holder of oil; second-largest holder of gas reserves 
  • no wonder "we" have sanctions on Iran
  • as Ill-Hand Omar would say: it's all about the Benjamins
  • country waiting for new leadership in Washington when all sanctions could be lifted

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