Monster oil and gas deposits discovered in Iran - reports

Iran has found a dozen new oil fields that could produce 30 billion barrels of crude and 128 trillion cubic feet of natural gas, according to Press TV quoting officials in Tehran.

"We have to say goodbye to (finding) such big fields as Yadavaran and Azadegan and get used to discovering smaller fields,"said Seyyed Saleh Hendi, an official from the National Iranian Oil Company.

According to Hendi, while new gas discoveries are possible, new oil findings are unlikely to be large. Iran has 157 billion barrels of proven oil reserves, the world's third largest.

Tehran claims to have the largest gas deposits, but the US Energy Information Administration says the world's biggest gas deposits are in Russia.

Iranian oil output is about four million barrels per day (bpd), of which about 1.5 million bpd are used domestically. This means the new deposits will...