New gas field discovered in south of Iran

A senior Iranian oil official announced on Monday that a new gas field with more than 122 billion dollars reserve has been discovered in southern Iran. New gas field discovered in south of Iran Managing Director of National Iranian Oil Company (NIOC) Ahmad Ghalehbani told reporters that Madar gas field with reserve of 495 billion cubic meters natural gas was discovered in eastern part of port city of Assaluyeh in Bushehr province. He said over 80 percent of the Madar gas feild reserve would be available. Ghalehbani said that the gas filed has also proven reserve of 1,573 million barrels of gas condensates of which 653 million barrels would be available. Iran is OPEC's second-largest oil producer after Saudi Arabia. In 2009, Iran's crude production stood approximately at 3.8 million barrels per day. The Persian Gulf country sits on the world's second-largest gas reserves after Russia.