Iranian Oil Company officials have announced the discovery of two major oil and gas fields in southern Hormozgan Province. The country's recoverable oil reserves have jumped to 150.31 billion barrels.

The discovered field includes about 34 billion barrels of in-place oil in the Ferdowsi gas field near the Persian Gulf. Additionally, Iranian oil technicians discovered a new field named Sefid (white) - with over 70 billion cubic meters of gas, with 72 percent recoverable. 'Over the course of the past six months, the country's oil and gas reserves have been reassessed. According to the latest studies, the country's oil reserves have reached 150.31 billion barrels,' Iran's oil Minister Masoud Mirkazemi said.Iran is world's largest non-renewable energy holder with its oil and gas reserves combined. It currently holds more than 150 billion barrels of oil and over 630 billion cubic meters of gas resources.