Iran Discovers New Gas Field Containing Estimated 7,500 Billion Cubic Feet

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

The recoverable volume is estimated at 5,700 billion cubic feet, considering a recovery rate of 73 per cent. This would reduce development and operating costs due to the 'sweet' nature of the gas, which Paknejad described as having both 'special characteristics.'

In addition to the new gas field, there is also an estimated volume of gas condensate that has brought tens of billions of dollars of new wealth to the country.