TEHRAN, Iran (AP) – Iran has discovered three new giant oil fields with estimated reserves of 38 billion barrels, oil officials said.

The Petroenergy Information Network quoted Abolhasan Khamoushi, general director of Iran’s Oil Development and Engineering Co., as saying Monday that the new fields were discovered near the port city of Bushehr in southern Iran.

The fields contain crude of high density, the network said. High density oil usually has lower prices on oil markets in comparison to light crude oil.

Studies are under way to determine the oil fields’ size, the network quoted Khamoushi as saying, but their oil reserves were estimated to be 38 billion barrels.

Oil Ministry officials contacted by The Associated Press confirmed the report but gave no further details.

Iran is the second-biggest oil exporter in the Organization of Petroleum Exporting Countries, with estimated reserves of over 96 billion barrels of crude oil.