Iranian President Hassan Rouhani announced that his country has found a new oil field, which contains an estimated 53 billion barrels of crude oil, in the southwestern province of Khuzestan.

The discovery increases Iran’s proven reserves by a third.

Covering roughly an area of 2,400 sq km, it’ll be the country’s second largest oil field, trailing behind the one in Ahvaz with its 65 billion barrels capacity. Iran is currently ranked the fourth biggest holder of oil reserves by the U.S. Energy Information Administration, but the new discovery would move it up to third — just behind its regional rival Saudi Arabia.

This follows a discovery of a natural gas reserve last month, which the Iranian government estimates could produce $40 billion in revenue.