TEHRAN- National Iranian Oil Company (NIOC) in a recent report has put the country’s recoverable liquid hydrocarbon reserves at 160.12 billion barrels, IRIB reported on Tuesday. The report also put Iran’s recoverable natural gas reserves at 33.33 trillion cubic meters.

The country stands at the first place in terms of natural gas reserves and at the fourth place in terms of crude oil reserves in the world.

Two weeks ago, Oil Minister Bijan Namdar Zanganeh announced that Iran has discovered a new oil field containing unspecified reserves of "light and sweet" crude in the southwestern province of Khuzestan.

The oil field was discovered on January 22 on Minoo Island in the general area of Abadan, which is home to Iran's largest and oldest oil processing facility.

"This is the first time we discover oil in the Abadan area," which is located at a depth of 3,770 meters, Zanganeh was quoted as saying by Press TV.

Drilling will continue to estimate the total volume of the reserves and the possibility of production, he added.

MA/MA