TEHRAN – The 107th anniversary of the first oil well eruption in the Middle East was held on Thursday in the Iranian southwestern city of Masjed Soleiman.

On May 26, 1908, drilling in Masjed Soleiman Well No. 1 proved successful and this was the birth of oil industry in Iran and the Middle East. The oil discovery led to petrochemical industry development and also the establishment of industries that depended on oil.

The Masjed Soleiman oilfield holds an estimated in-situ reserve of 5.4 billion barrels.

The ambassador of Algeria, the Libyan chargé d’affaires, and the second secretary of the Venezuelan embassy, whose countries are all members of the Organization of Petroleum Exporting Countries (OPEC) attended the conference.