Does size matter?

Ford., Neil
November 2003
Middle East;Nov2003, Issue 339, p48
Iran has announced an impressive oil discovery but having vast reserves and exploiting them are two very different things. Yet while new reserves are always welcome, it is easy to overestimate their importance to the development of the country's oil industry as a whole. Abolhasan Khamoushi, the general director of Iran's Oil Development and Engineering Company, announced that 38bn barrels of oil had been discovered on an as yet unnamed complex near the Gulf port of Bushehr, representing the worlds second biggest discovery after the Ghawar complex in Saudi Arabia. The scale of this discovery is emphasized by the fact that Iran's existing proven reserves stand at 90bn barrels. The new discovery may be a useful tool in supporting Iran's claim for a larger share of total OPEC output. In addition to that, the article presents information on various news briefs some of them are, regional leaders in Internet penetration, Pirelli company supplies fiber optic link between Kuwait and Iran, and others.


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