Iran Discovers 7.5 Trillion Cubic Feet of Gas in Fars Province

Iran's Oil Minister, Mohsen Paknejad, announced on August 23 that his country has made a major gas discovery in Fars province. The newly found field contains over 7.5 trillion cubic feet of gas.

Paknejad stated that with a recovery factor of around 72%, approximately 5.7 trillion cubic feet of the discovered gas can be recovered from the field. This is equivalent to meeting one phase of the South Pars gas field's capacity for about 15 years.

The minister emphasized that the discovered gas is 'sweet' gas, which would reduce development and operating costs. The field also contains significant volumes of gas condensate, further increasing its value.