Bijan Namdar Zangeneh, Iran oil minister reveled that Iran had discovered a new oilfield containing a “very light and sweet” crude oil (API 40) on Minoo Island in southwestern Khuzestan province, reported the news portal of Iran oil ministry on Wednesday.
“Yesterday at 10 o'clock in the morning, a well being drilled on Mino Island reached oil. This is the first time we discover oil in the Abadan area,” Zangeneh told reporters after a cabinet session.
“We have a lot of hope to discover (more) oil in the Abadan area and this grade discovered at a depth of 3,770 meters has an API gravity of 40 which is very light and sweet,” he added.
Zangeneh said drilling will continue to estimate the total volume of the reservoir and the possibility of production.