Iran has announced the discovery of a new oilfield in the SW province of Khuzestan with a recoverable reserves of around 3 billion barrels. The Yadavaran oilfield, with an in-place reserve of some 17 billion barrels, consists of Koushk and Hosseinieh oilfields in the oil-rich Khuzestan province near the Iraqi border. The field were discovered in 2000 and 2002 respectively, said Iranian Oil Minister Bijan Namdar Zangeneh. Iran is currently negotiating with the Indian oil and gas company Videsh Ltd. on the development of 20% of the Yadavaran oilfield in lieu of the New Dehli’s purchase of five million tons of liquefied natural gas. Besides India, companies from China and Russia, as well as TotalFinaElf, Shell and Statoil have purchased documents on bids for the development of the oilfield.
