Iran discovers new oil block in central country

Recent exploration has led to the discovery of a new oil block in Iran’s central province of Semnan, an unnamed source told Fars news agency May 28.

However, the source said that preliminary findings do not indicate the existence of any notable reserve in the newly found block.

The source was quoted as saying that if decision is made to conduct further study into the block, it will be arranged under Iran’s new oil contract model the IPC. TREND