Iran Discovers New Gas Field in Southern Fars Province

Iran's Oil Minister Mohsen Paknejad announced on Sunday that his country has discovered a new gas field in the southern Fars Province, containing an estimated 7,500 billion cubic feet of gas.

The recoverable volume is approximately 5,700 billion cubic feet, considering a recovery rate of 73 percent, which is equivalent to one block of the South Pars gas field and could supply gas for 15 years.

Paknejad described the newly discovered gas as sweet, which would help reduce development and operating costs. Additionally, the discovery includes gas condensate that has created significant new wealth for the country.