Commodities
Iran Discovers Massive Gas Field Amid Rising Tensions
A new gas field has been discovered in Iran's Fars Province containing an estimated 7,500 billion cubic feet of gas. Iranian Oil Minister Mohsen Paknejad announced the discovery on Sunday.
The recoverable volume is around 5,700 billion cubic feet, which is equivalent to one block of the South Pars gas field and could supply gas for 15 years. The newly discovered gas is sweet, reducing both development and operating costs.
In addition to the gas, there is also a significant amount of gas condensate, which has created tens of billions of dollars in new wealth for the country. This comes amid rising tensions with the US, who have announced an 'Economic D-Day' campaign against Iran.