Iran has announced the discovery of a major natural gas reserve in the southern province of Fars, with estimated resources exceeding 7.5 trillion cubic feet, according to state media.
Oil Minister Mohsen Paknejad said about 5.7 trillion cubic feet of the newly discovered gas is considered recoverable. He said the volume is equivalent to roughly 15 years of production from one phase of Iran’s giant South Pars gas field.
The minister said the newly discovered gas is “sweet”, meaning it contains relatively low levels of sulphur and could therefore be cheaper to develop and operate. The field is also believed to contain significant quantities of gas condensate, potentially adding to its economic value.
The discovery comes as Iran works to restore natural gas production capacity damaged during the war with Israel and the United States. Iranian officials have said production capacity fell by about 230 million cubic metres per day following attacks on energy infrastructure.
Iran, one of the world’s largest holders of natural gas reserves, has been facing mounting pressure on its energy sector amid renewed threats of tougher US sanctions.
Tehran hopes the new discovery will strengthen its energy position and provide an additional source of revenue as the country attempts to rebuild damaged infrastructure and overcome growing economic pressure.
