Domestic media reported the discovery on Sunday, and the oil ministry said it plans to hold a news conference on Monday to announce details of the find.
Iran is a founding member of the Organisation of the Petroleum Exporting Countries and sits on what were already the world's fourth-biggest oil reserves and second-largest gas reserves.More news: Murderer's heart stopped, but his life sentence doesn't: Iowa court
It would be a massive discovery but there's no word on how recoverable or economic the barrels are; nevermind that sanctions are making exports extremely hard.
US President Donald Trump reinstated the sanctions against Iran previous year after abandoning the landmark 2015 nuclear deal between Iran and six world powers. Figures can vary wildly by country due to differing standards, though it remains a yardstick of comparison among oil-producing nations. It shares a massive offshore field in the Persian Gulf with Qatar.
Hassan Rouhani said that the discovered field was located in Iran's oil-rich Khuzestan province.More news: Germany marks 30th anniversary of Wall's end
Iran has been struggling to sell oil overseas because of tough U.S. sanctions.
Any company or government that buys Iran's oil faces harsh USA sanctions, the threat of which also stopped billions of dollars in business deals and sharply depreciated Iran's currency, the rial.More news: Some in GOP Warn Against Election Challenge in Kentucky