Iran: Oil, Oil, Oil...

After experiencing a dry spell in oil and gas news the past several weeks, suddenly, I've hit the blowout jackpot. Here's Iran's new mega-finds:

Iran is reporting huge new discoveries of oil that contain "billions" of barrels of reserves, state radio quoted the managing director of the country's National Oil Co. as saying today.

Seyfollah Jashnsaz said Iran has discovered seven new oil fields in unspecified locations around the country.

"Billions of barrels of oil will be added to the country's existing oil reserves," he said in comments broadcast on state radio.

According to Jashnsaz, just one of these oil fields has 9 billion barrels of oil.

"Even if we make calculations based on the minimum 12% recovery rate," he said, "it means that 1 billion barrels of oil can be recovered from this field alone."

He added that further details of the find will be announced by the country's minister of oil in coming days.

Iran already has the world's third-largest oil reserves, behind first-place Saudi Arabia and Canada. It recently added that its reserves had grown to 138 billion barrels from 90 billion barrels, thanks to reserves discovered over the last three years.

Ghawar Guzzler comment: Let's not forget that if Iraq can hold its shit together, this will add huge pools of black goo to the world market; it will likely find new, impressive discoveries once it (hopefully) gets its feet on the ground.

Message for idiots: this blog has made it quite clear that the world is not running out of oil or natural gas, and fantastic developments in alternative/renewable energy are being witnessed. Please stop telling us the world is going to hell.

- Brewskie