A new oil field was discovered in the city of Abadan in the Persian Gulf province of Khuzestan, Minister of Oil Gholam-Hossein Nozari said on Tuesday.
He made the announcement on the sidelines of a national seminar on petrochemicals in Tehran.
According to Nozari, the deposited oil in the new oil field, 'Arvand,' is estimated as 500 million barrels.
Iran sits on the world's second largest proven oil reserves worldwide and is the number four crude producer and the second in the OPEC.