Iran Unveils 7.5 Trillion Cubic Feet Gas Reserve Amid Tensions

Iran has made a significant gas discovery in its southern Fars province, finding more than 7.5 trillion cubic feet of natural gas. Iranian Oil Minister Mohsen Paknejad announced on Sunday that around 5.7 tcf of the newly discovered gas is recoverable, which is equivalent to around 15 years of production from one phase of South Pars, the world's largest gas field.

The discovery also includes gas condensates worth 'tens of billions of dollars', Paknejad said, adding that Iran plans to develop the resources 'as soon as possible'. However, actual production is expected to take years due to various challenges facing the country's energy sector.

Iran has been dealing with Western sanctions, underinvestment, and power shortages before the latest conflict with the US and Israel. The country lost around a quarter of its daily gas production capacity after attacks on energy infrastructure began in late February, according to Bloomberg.