Iran has discovered more than 8.8 billion barrels of oil in four layers of reserves in the country's southwestern Susangerd oil field.
"These reserves were discovered after drilling through all the new layers of reserves, to a depth of 5,026 meters (16,489.5 ft), and the expected and possible amount of reserves in this field is over 8.83 billion barrels," Iran's Oil Minister Gholam-Hossein Nozari said in a statement on Monday.
The minister described the field as the most significant discovery in the past 5 years. "The development of this field can play an effective role in raising the crude oil production in the country," he said in the statement.
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