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Thursday, 24 July, 2008, 10:40 GMT | more prices >>

Iran hints at Karanj oil find

By Upstream staff

Iran has made new oil discoveries in an existing oilfield in the country's southern province of Khuzestan, a senior official of the national oil company was quoted as saying today.

Mahmoud Mohaddes, head of exploration of the National Iranian Oil Company (NIOC), said the find was made in the Karanj oilfield but did not give any details of the size of the discovery.

"We were successful in discovering new resources of crude oil in Karanj region ... and in the next few days you will hear some good news about this issue from the managing director of (NIOC)," he said, Reuters reported the oil ministry's website Shana as saying.

Iran is Opec's second largest producer but analysts have said it is in danger of slipping down the table of exporters as output stagnates because of lack of investment, blamed on US sanctions and political interference.