Iran's oil minister announced the discovery of a 750 million-barrel oilfield, the Iranian oil ministry's official Shana news Web site reported Saturday.
Gholam Hossein Nozari said drilling in the Jofeir oilfield, which is located in Iran's Fahilan geological formation, had resulted in the new discovery, according to Shana.
With the additional oil, the field's production capacity will increase from 25,0000 barrels a day of oil to 33,000 barrels a day, Shana reported.
The Jofeir oilfield is expected to be developed in two phases, with 15,000 barrels per day produced by next year and up to an additional 10,000 barrels per day produced by 2011, Shana said.
Iran is the second largest producer in the Organization of Petroleum Exporting Countries and the fourth largest oil producer worldwide.