Iran Discovers Massive New Gas Field Amid Tensions with the US

Iran has announced the discovery of a new gas field in the southern Fars Province containing an estimated 7,500 billion cubic feet of gas. Iranian Oil Minister Mohsen Paknejad said that this amount is equivalent to one block of the South Pars gas field and could supply gas for 15 years.

The newly discovered gas is sweet, which would help reduce development and operating costs, according to Paknejad. Additionally, the discovery includes gas condensate, creating significant new wealth for the country.

Paknejad stated that with a recovery rate of 73%, it is possible to extract 5,700 billion cubic feet of gas from the newly discovered field.