Iran Discovers Huge Gas Field in Fars Province Amid US Sanctions Threat

Iranian Oil Minister Mohsen Paknejad announced that his country has discovered a significant new gas field in Fars Province. The newly found reserve contains an estimated 7,500 billion cubic feet of gas, with around 5,700 billion cubic feet considered recoverable.

The recoverable volume is equivalent to one block of the South Pars gas field and could supply gas for 15 years. Paknejad noted that the newly discovered gas is sweet, which would reduce development and operating costs.

Additionally, the discovery includes a significant amount of gas condensate, which Paknejad said has brought tens of billions of dollars of new wealth to the country.