Iran Discovers Huge Gas Reserves Amid War-Hit Energy Sector

Iran has announced the discovery of major new gas reserves in its southern province of Fars. The country's Petroleum Minister, Mohsen Paknejad, said that over 200 billion cubic meters of natural gas were discovered, with around 160 billion cubic meters potentially extractable from the field.

The newly found gas is described as 'sweet', meaning it contains very little of the toxic gas hydrogen sulphide. This results in lower operating and development costs for extraction.

However, any new production from this site would likely take years to materialize, according to Bloomberg.