mo4ch:>Iran announces oil discovery in untapped region | Mo4ch News

Iranian Oil Minister Bijan Zanganeh has told the media that the national oil company NIOC struck light sweet oil in a hitherto untapped oil region.“This is the first time we’ve reached oil in the Abadan region,” Zanganeh said, adding that the grade was very light and sweet, but giving no details regarding the amount of reserves contained in the reservoir.Iran has continued to pursue new oil production opportunities despite US sanctions that have reduced its crude oil exports significantly although probably not as significantly, to date, as planned. As of December, Iran was shipping some 1.3 million bpd abroad, the International Energy Agency said in its latest Oil Market Report.What’s more, Tehran still has partners willing to help with the exploration and production growth. Earlier this month, China’s largest crude oil refiner, Sinopec, offered $3 billion to Iran’s state oil company, NIOC, to jointly expand the development of a major field in Iran, the Wall Street Journal reported, c…