File photo shows an Iranian gas treatment plant in Khangiran district in the northeastern province of Khorasan Razavi.
Iranian Oil Minister Rostam Qasemi says huge oil and gas reserves have been discovered on the country’s northeastern and western borders with Turkmenistan and Iraq.
"New studies and exploration activities in Iran indicate the discovery of new oil and gas reserves in areas bordering Turkmenistan and Iraq,” Qasemi stated on the sidelines of the Third International Industrial Automation Conference in Tehran on Tuesday.
The minister stated that a “huge and considerable” body of gas lies in the northeastern Khangiran district of Khorasan Razavi Province, but the exact volume of the reserves requires further seismic studies and drilling of new wells.
He also confirmed a statement by the Iraqi Oil Ministry on the discovery of a new oil field on the two countries’ joint border, saying Tehran will hold talks with Iraqi officials over the newly found shared reserves.
Qasemi noted that over 2 billion barrels of in-situ crude oil reserves have been discovered across the country in the past year.
In December 2012, Iran's deputy oil minister said Iran's proven crude oil and natural gas reserves are worth around $37 trillion.
The reserves include 100 billion barrels of crude oil, 94 billion barrels of condensate, and 207 billion barrels equivalent of natural gas, he explained.
Iran ranks the third globally in terms of oil reserves while having the world's second-largest natural gas reserves after Russia with 34 trillion cubic meters of natural gas reserves.