Iran's oil minister announced Tuesday the Islamic republic had made two major oil and gas finds in the south of the country and near the giant South Pars offshore gas field. The new oil field, named Ramin, is situated 40 kilometres (25 miles) north-east of the south-eastern city Ahvaz and holds 5.7 billion barrels of crude, Bijan Namdar Zanganeh told reporters. He said the field also held 242 billion cubic metres of gas, of which 36 billion cubic metres were recoverable.
The new gas field is a continuation of the South Pars field and close to Balal offshore oil field, and contains 168 billion cubic meters of recoverable gas and 182 million barrels of recoverable condensate, he added.
Iran is the world's number-two in terms of oil and gas reserves.