A huge light crude oilfield with considerable reserves has been discovered in southwest Iran, the Mehr News Agency reported on Wednesday.

The newly-discovered field must be considered among one of the biggest light crude oil fields ever discovered in the world in the past decade, the report added, without giving further details.

On March 3, oil official Mahmoud Mohaddes announced that a large oilfield, which holds huge amounts of high quality crude, has been discovered in Khuzestan province.

Iran’s recoverable oil and natural gas reserves stand at 154.8 billion barrels and 33.1 trillion cubic meters, respectively.

The country’s oil and natural gas reserves will last up to 80 years and 150 years respectively, if the current production and export levels remain steady.

Iran is the second-largest oil producer after Saudi Arabia among the members of the Organization of Petroleum Exporting Countries (OPEC).

Source: Tehran Times