Iran’s president says new oil field with 50bn barrels discovered

Iranian President Hassan Rouhani, delivering a speech to a crowd in the central city of Yazd, said the newly-found oil field would increase Tehran’s proven reserves by over a third. (AFP via Iranian Presidency)
Updated 10 November 2019

Iran’s president says new oil field with 50bn barrels discovered

  • Rouhani said the discovered field was located in Iran’s oil-rich Khuzestan province
  • The field covers 2,400 square km and would increase Iran’s proven reserves by over a third

TEHRAN: Iran has discovered a new oil field in the country’s south with over 50 billion barrels of crude, its president said Sunday, a find that could boost the country’s proven reserves by a third as it struggles to sell energy abroad over US sanctions.
The announcement by Hassan Rouhani comes as Iran faces crushing American sanctions after the US pulled out of its nuclear deal with world powers last year.
Rouhani made the announcement in a speech in the desert city of Yazd. He said the field was located in Iran’s southern Khuzestan province, home to its crucial oil industry.
Some 53 billion barrels would be added to Iran’s proven reserves of roughly 150 billion, he said.
“I am telling the White House that in the days when you sanctioned the sale of Iranian oil and pressured our nation, the country’s dear workers and engineers were able to discover 53 billion barrels of oil in a big field,” Rouhani said.
Oil reserves refer to crude that’s economically feasible to extract. Figures can vary wildly by country due to differing standards, though it remains a yardstick of comparison among oil-producing nations.
Iran currently has the world’s fourth-largest proven deposits of crude oil and the world’s second-largest deposits of natural gas. It shares a massive offshore field in the Arabian Gulf with Qatar.
The new oil field could become Iran’s second-largest field after one containing 65 billion barrels in Ahvaz. The field is 2,400 square kilometers (925 square miles), with the deposit some 80 meters (260 feet) deep, Rouhani said.
Since the US withdrew from the 2015 nuclear deal, the other countries involved — Germany, France, Britain, Russia and China — have been struggling to save it. However, they have offered no means by which Iran can sell its oil abroad.
Any company or government that buys Iran’s oil faces harsh US sanctions, the threat of which also stopped billions of dollars in business deals and sharply depreciated Iran’s currency, the rial.
Iran has since gone beyond the deal’s stockpile and enrichment limits, as well as started using advanced centrifuges barred by the deal. It also just began injecting uranium gas into centrifuges at an underground facility.
The collapse of the nuclear deal coincided with a tense summer of mysterious attacks on oil tankers and Saudi oil facilities that the US blamed on Iran. Tehran denied the allegation, though it did seize oil tankers and shoot down a US military surveillance drone.


Google Cloud prepares for Black Friday ‘peak on top of peak’

Updated 04 August 2020

Google Cloud prepares for Black Friday ‘peak on top of peak’

  • Cloud technology, used to host websites and store data, is a key part of many retailers’ e-commerce operations

OAKLAND, California: Alphabet’s Google Cloud unit is poised for a surge in fourth-quarter sales from US retailers, as they brace for record online shopping during the holidays because of COVID-19 lockdowns.
Cloud technology, used to host websites and store data, is a key part of many retailers’ e-commerce operations. As fees are often pegged to site traffic, a jump in activity will drive up revenue for the unit.
Carrie Tharp, vice president of retail and consumer at Google Cloud, said that her team had this year tossed out its linear growth model to predict how many servers it will need to process web orders for retailers around Black Friday.
“We’re planning for peak on top of peak,” she said on Monday. That could be a boon for Google Cloud, which has generated about 30 percent of its revenue during the fourth quarter the last two years.
Stores such as Kohls Corp. and Wayfair Inc. lean on Google months in advance to ensure it has enough servers to withstand increased shopping during holiday discount days such as Black Friday and Cyber Monday in November and December.
This year, Black Friday-style demand has flooded shops since March, when the United States began lockdowns, Tharp said.
Holiday shopping is expected to boost demand further, as retailers including Target Corp. and Walmart Inc. have said they will reduce in-store hours because of coronavirus concerns.
Tharp said the pandemic has already benefitted Google Cloud, with some retailers adopting its predictive algorithms years ahead of plan to help them work out the most efficient way of fulfilling orders.
Electronics retailer Best Buy Co., for instance, announced on Tuesday a multi-year deal to centralize customer and product data with Google Cloud to improve its loyalty program and online ad campaigns.
The companies declined to elaborate on the deal, but Tharp said she hopes it leads to Google eventually powering Best Buy’s web ordering system.