Speaking to reporters on Wednesday, the official said the oil was found at a depth of 3,770 meters in an exploratory well and is very light and sweet.

"This is the first time we've reached oil in the Abadan region," the minister said, adding more exploration activities were going on in the Minou Island where the oil was discovered.

He also declined to announce Iran’s current oil production and export levels due to the US sanctions on Tehran.

Asked whether US waivers to a number of Iran’s oil buyers would continue, the official said, “We shall wait.”