Addressing reporters on Monday, the minister said the new discovery had added 22 billion barrels of crude oil to previous estimates of newly-discovered Namavaran oilfield, which stood at 31 billion barrels.

He said the field now is estimated to hold 53 billion barrels of crude oil in place and there is a possibility of its southward continuation.

Assuming a 10% recovery rate in the field, 2.2 billion barrels of crude oil have been added to the country’s crude oil production capacity, he said.

This is the second-largest oilfield discovered in Iran following the Asmari Oil Layer in Gachsaran with 54 billion barrels of oil in place.

Proved oil reserves in Iran, according to its government, rank fourth largest in the world at approximately as of 2013, although it ranks third if Canadian reserves of unconventional oil are excluded. This is roughly 10% of the world’s total proven petroleum reserves. At 2006 rates of production, Iran’s oil reserves would last 98 years if no new oil was found.

In addition to the large reserves, Iran still has huge potential for new significant gas discoveries: areas like Caspian Sea, North East, Central Kavir and especially areas starting from Aghar and Dalan gas fields in Fars province up to the Strait of Hormuz and Central Persian Gulf have considerable amount of undiscovered gas resources. According to the Exploration Directorate of NIOC, there are about 150 unexplored anticlines in Iran.