Photo:IRNA

The deputy managing director of the National Iranian Oil Company (NIOC) for Development and Engineering Affairs said on Sunday that the newly-found natural gas field holds about 19,000 billion cubic feet of gas and 385 million barrels of oil which are worth about 40 billion dollars.

Reza Dehghan said that about 75% of hydrocarbon exploration and 20% of the country's oil exploration have taken place over the past 40 years, adding that Iran stands fourth in oil (with 159 billion barrels) and second in natural gas (with 34 trillion cubic meters) in the world.

He said the operation in Eram Natural Gas Field, located 200 kilometers out of Shiraz, Fars Province, southern Iran, started last summer and finished after nine months of work.