Iran makes largest oil discovery in 5 yrs

Iran's Oil Minister Gholamhossein Nozari said over 8.8 billion barrels of crude oil has been discovered in four new layers at the Sousangerd oilfield, the largest in five years, the IRNA news agency reported on Monday.

"Drilling all layers of this field was successfully finished in the depth of 5,026 metres and as expected the amount of in-place oil reserve is about 8.83 billions of barrel," Nozari was quoted as saying.

Nozari also said this was the biggest oilfield discovered in the past five years in the country.