Iranian Oil Minister Masoud Mirkazemi announced the discovery of an oilfield and a gas field, with reserves estimated by $85 billion.

Mirkazemi said the oilfield is called Soumar and located in the western Kermanshah province.

“This new oil field has reserves of 475 million barrels of oil, of which 70 million barrels are recoverable,” Mehr News Agency quoted Mirkazemi.

“If we value the recoverable oil at $70 dollars a barrel, the estimated value of the newly-discovered oil at this field would be $5 billion,” said Mirkazemi.

He added that the gas field is called Halgan and located 70 km north of the gulf port of Assaluyeh, stating that the output could reach 50 million cubic meters over a two decade period.