Iran's Oil Minister announced Tuesday the discovery of a new oil field in the southwestern city of Abadan.
"The third oil field that I am announcing today is the discovery of the Arvand field in Abadan, with oil in-place worth about 500 billion barrels," Gholam Hossein Nozari told reporters on the sidelines of a petrochemical conference in Tehran.
Abadan is located in Iran's southwestern Khuzestan province.