Iran has discovered a new oil field in the southern port city of Assaluyeh, the oil ministry's Shana news agency reported Monday, citing a senior oil executive.
Hossein Roshandel, manager for foreign investment and exploitation blocks at the National Iranian Oil Company (NIOC), said the discovery of oil in Assaluyeh's Kangan natural gas reservoir is unprecedented, according to Shana.
Roshandel added that the oil field harbors about 525 million barrels of in-place crude oil reserves with a 40 degree API gravity, Shana said.
Assaluyeh is located in Iran's Bushehr province.