Gulf News reported that Iran has explored a layer of 34 billion barrels of crude under an offshore gas field in the Gulf.

Mr Ali Vakili MD of Iran's Pars Oil and Gas Company said that the layer was one of the biggest in the Islamic state. It is located under our Ferdowsi gas field in the Gulf. Drilling of appraisal well is going on to complete the assessments.

Tehran has not signed a major deal with a large western oil company for years as political pressure over its nuclear program continues to be a barrier of entry for these firms. The United States and its allies accuse Iran of trying to develop nuclear bombs but Tehran insists its nuclear program is aimed at generating electricity.

(Sourced from Gulf News)