Iran’s oil reserves are 15 billion barrels higher than previously estimated as a result of new discoveries, according to National Iranian Oil Company (NIOC) managing director Ali Kardor.

Around two billion barrels of that can be recovered, he said in comments reported by Shana, the petroleum ministry’s news agency.

Around 66 trillion cubic feet of new discoveries of natural gas have been found, of which 33 trillion cubic feet are recoverable, he added.

Iran is estimated to hold 157.8 billion barrels of oil, according to BP’s 2016 Statistical Review of World Energy.

The Iranian government estimates that the country holds 711.53 billion barrels of oil, of which 102.33 billion barrels are recoverable. Around 72.96 billion barrels have been recovered so far with oil fields being operated at an average recovery rate of 24.65 per cent, according to the ministry.