SHANA � Iranian Minister of Petroleum Bijan Zangeneh said that the newly-discovered oilfield in Khuzesan was named Namavaran, adding the field had an oil in place estimate of 53 billion barrels.

Addressing reporters on Monday, the official said the new discovery had added 22 billion barrels of crude oil to previous estimates of the field.

He said the field was estimated to hold 53 billion barrels of crude oil in place and there is a possibility of its southward continuation.

According to Zangeneh, exploration activities began in 2016 and given that 31 b barrels were previously discovered, 22 billion barrels were added to previous estimations.

Assuming 10% recovery rate in the field, 2.2 billion barrels of crude oil have been added to the country�s crude oil production capacity, he said.

This is the second largest oilfield discovered in Iran following Asmari Oil Layer in Gachsaran with 54 billion barrels of oil in place.

Speaking in the southern province of Yazd on Sunday, Dr. Rouhani announced discovery of the field for the first time.

�My good news is that the staff of the National Iranian Oil Company in the exploration section, after years of efforts, especially in 2016, have discovered a field,� said the Iranian President in an address to the people of Yazd.

He said the field straddled from Bostan to Omidiyeh County in Khuzestan measuring nearly 2,400 km and 80 meters in thickness.

The field will generate 320 trillion in revenue for Iran with 10 percent recovery rate, he added.