The field, named Namavaran, has an estimated 53 billion barrels of oil in place, Zanganeh said.
Exploration started at the site in 2016, with 31 billion barrels previously discovered and an additional 22 billion barrels added to previous estimates, Zanganeh said, according to Shana, the ministry’s news website.
Approximately 2.2 billion barrels of oil have been added to the country’s production capacity, if there is a 10-percent recovery rate at the oilfield, Zanganeh noted.
There is a possibility that the field will expand both southwesterly and southeasterly, Reuters reported.
Iran ranks fourth in global oil reserves, and second in natural gas, according to the US Energy Information Administration (EIA).
Iran had an estimated 157 billion barrels of proved crude oil reserves in January 2018, the EIA website said.
Since Washington’s 2018 withdrawal from Iran’s 2015 nuclear deal with world powers, the United States has reimposed sanctions to strangle the nation’s vital oil trade.