Iranian state TV says the country is exploring a newly discovered oil field believed to contain more than 1 billion barrels of crude oil, according to AP.
The report quotes Iranian Oil Minister Gholam Hossein Nozari as saying the area holds about 1.1 billion barrels of crude oil. He says about 220 million barrels are "recoverable." He did not elaborate.
The report broadcast on Sunday says the oil field is located near Andimeshk, in the oil-rich province of Khuzestan, located about 290 miles southwest of Tehran.
Iran is the fourth-largest oil producer in the world and ranks second in output among OPEC countries. It controls about 5 percent of the global oil supply.
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