Commodities
Iran Discovers New Gas Field in South Pars with 21 Billion Cubic Meters
The Iranian Ministry of Oil announced the discovery of a new gas field in South Pars, a giant gas field shared by Iran and Qatar. The new deposit is estimated to hold 21 billion cubic meters of gas.
According to Minister Mohsen Paknejad, around 73% of this volume would be technically recoverable, which could supply one phase of the South Pars/North Dome complex for about 15 years.
The announcement comes as Iran's oil industry faces challenges due to attacks from the US and Israel on the South Pars facilities. The Secretary General of the Iranian Oil Industry Federation, Erfan Afazali, warned that these attacks have reduced gas production capacity by approximately one third.