Iran Strikes Gas Wealth Amid Energy Showdown with US
Iran's energy sector has received a significant boost with the discovery of a new gas field in southern Fars province, containing over 7.5 trillion cubic feet of gas and associated condensate.
According to Oil Minister Mohsen Paknejad, the recoverable volume is estimated at 5.7 trillion cubic feet, which could supply gas for 15 years based on a 73% recovery rate.
The discovery comes as Iran faces mounting US pressure over its energy trade, with Washington preparing further economic measures aimed at tightening pressure on Tehran and countries doing business with it.
Paknejad said the newly discovered gas is 'sweet', meaning it requires less processing and could reduce development and operating costs. The field also contains valuable liquid hydrocarbon produced alongside natural gas, known as gas condensate.