Iran Current Affairs - 2019

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Iran discovers new oil field with 53 Bn barrels of reserves

Iran has discovered a new oilfield with 53 billion barrels of crude oil in Khuzestan province, home to Iran’s Khuzestan’s crucial oil industry. The announcement however did not reveal how much oil could be produced from the reservoir but the find could boost country’s battered economy amid stringent US sanctions.

Key Highlights of Discovery

The new oil field discovered is 2,400 square kilometres (925 square miles), with the deposit some 80 metres (260 feet) deep.

The discovery of field is expected to boost country’s proven 150 billion barrel reserves by a third. It could also become Iran’s second-largest field after one in Ahvaz containing 65 billion barrels.

Iran’s Oil Reserves:

Iran currently has about proven crude oil reserves of 155.6 billion barrels and this new oil filed discovery would add about 34% to its total reserves.

At present, the US Energy Information Administration (EIA) ranks Iran as having world’s fourth-largest proven deposits of crude oil and world’s second-largest deposits of natural gas. If the size of new oil reserves is proven to be accurate, it would lift the country to 3rd place, just below its regional enemy Saudi Arabia.

Iran is also a founding member of the Organization of the Petroleum Exporting Countries (OPEC).

Bavar-373: Iran’s new home-grown air defence system unveiled

Iran unveiled its new home-grown air defence system called Bavar-373 during a ceremony held on Iran’s ‘National Defence Industry Day’. Iran’s President Hassan Rouhani has ordered to add Bavar-373 to country’s missile defence network.

The unveiling takes place against a backdrop of rising tensions between and Iran and United States (US) since US President Donald Trump’s 2018 decision to unilaterally withdrew US from Joint Comprehensive Plan of Action also known Iran nuclear deal (2015) and reimposing sanctions on Iran.

About Bavar-373 Missile System

The word Bavar means ‘believe’ in Farsi. It is being touted as Islamic republic’s 1st domestically produced long-range missile defence system.

Features

It is a long-range mobile surface-to-air missile system.

Range: more than 200 kilometres (124 miles)

This long-range missile system is suited to Iran’s geography.

It competes with Russia’s S-300 and USA’s Patriot systems. It is being touted as a system better than Russia’s S-300 and close to S-400.

Background

Iran began making Bavar after the purchase of Russia’s S-300 system was suspended in 2010 due to international sanctions imposed on it. However, in March 2016, Iran installed S-300 system following several years of delays, after the JCPOA nuclear agreement was reached between Iran and the P5+1 (China France, Germany, Russia, the United Kingdom, and the United States) on 14 July 2015, which allowed lifting of international sanctions on Iran.