Newly-found Iranian gas reserve "could create $40 bn in revenue"October 14, 2019 - 17:01 AMT PanARMENIAN.Net - Iran announced on Sunday, October 13 that it has discovered a new natural gas reserve with the capacity to produce nearly 400 million barrels of gas condensate, which could generate a total of $40 billion, CNN reports. The natural gas field, named Eram, is located near the Persian Gulf in the southwestern province of Fars and holds about 19 trillion cubic feet of gas, National Iranian Oil Company (NIOC) Deputy Managing Director Reza Dehghan said at a press conference. "We have the potential to identify more undiscovered oil and gas reserves (in the country) by using geophysical exploration techniques and discovery drilling and will definitely add to Iran's national wealth," Dehghan said. The discovery comes at an opportune time for Iran, which has suffered economically under a series of US sanctions aimed at forcing the country to limit its nuclear program. "America cannot cease Iran's oil production. Sanctions have not stopped the Iranian oil industry. We are active. We are alive," Iranian Oil Minister Bijan Namdar Zanganeh said last month. Iranian officials have repeatedly said that the country will press forward with its energy development plans despite US sanctions that "seek to cripple the country's economy," according to reporting from semi-official news agency Tasnim. Dehghan said Iran is ranked 4th among the countries with the largest proven oil reserves in the world, with 159 billion barrels of recoverable hydrocarbons. Top stories Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". The earthquake caused a temporary blackout, damaged many buildings and closed a number of rural roads. Partner news | Cyprus parliament honors Armenian genocide victims Acting House President Zacharias Koulias noted that April 24 marks the “black anniversary” of the Armenian genocide. Armenia PM, France envoy discuss regional matters Issues related to the consistent development of Armenia-France cooperation were discussed. Azerbaijan razes historic Armenian church to ground Azerbaijan has demolished the historic Armenian Church of St. John the Baptist (known as Kanach Zham). Russia to begin assessing migrant workers' speaking skills Rosobrnadzor is planning to change the Russian language exam for migrant workers and include an assessment of speaking skills |