Iranian President Hassan Rouhani announced the discovery of a new oilfield in the south-western province of Khuzestan.

Speaking in the southern province of Yazd on Sunday, Dr. Rouhani said that the field"s reserves were estimated to contain 53 billion barrels of oil in place.

"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.