"With new oil discovery in the region, the reserve may amount to 100 billion barrels," said Mahmoud Zirakchian Zadeh.

He told the press that Iranian oil reserves in the Persian Gulf were estimated at 53 billion barrels last year. Meanwhile, he said, the Persian Gulf has great potentials to uncover the new oil and gas fields, IRNA reported.

He named the newly found gas field as Farsi.

"Piping the gas of Farsi to Bahrain is envisaged as the first priority for streaming the gas field," Zirakchian Zade said.

He also added that Iranian gas will be piped to the United Arab Emirates from Salman gas field.