Iran Discovers New Gas Field with Estimated 7,500 Billion Cubic Feet of Recoverable Gas
Iranian Oil Minister Mohsen Paknejad announced on August 24 that his country has discovered a new gas field in southern Fars Province. The newly found reserve is estimated to hold 7,500 billion cubic feet of gas, making it equivalent to one block of the South Pars gas field.
According to Paknejad, the recoverable volume of this new gas field is around 5,700 billion cubic feet, which can supply gas for 15 years. This amount is significant, as it would help reduce development and operating costs due to the 'sweet' nature of the gas found.
In addition to the gas, Paknejad mentioned that the discovery also includes a substantial volume of condensate, which has created tens of billions of dollars in new wealth for the country. The news comes as Iran is facing economic pressure from the international community, particularly from the US under President Trump's 'Economic D-Day' campaign.