Iran’s president said a new oil field has been discovered with an estimated 50 billion barrels of crude oil in the country’s south.
The announcement by President Hassan Rouhani on Sunday would mean Iran’s proven crude oil reserves would be boosted by a third. Right now, Iran says it has some 150 billion barrels of proven crude oil reserves.
He said the discovered field was located in Iran’s oil-rich Khuzestan province.
Rouhani made the announcement Sunday in a speech in the desert city of Yazd.
Iran’s energy industry has been hard-hit by US sanctions over its collapsing nuclear deal with world powers.
Iranian oil minister Bijan Namdar Zanganeh clarified on Monday that the discovery adds only 22.2 billion billion barrels to the country’s estimated crude reserves.