Iran Unveils 7.5 Trillion Cubic Feet of New Gas Reserves Amid Conflict with US and Israel
Iran's Oil Minister Mohsen Paknejad announced on Sunday that the country has discovered over 7.5 trillion cubic feet of natural gas in a field in Fars province, according to Reuters citing Iranian state media.
The discovery comes at a critical time for Iran, which is facing pressure on its energy system after months of conflict with Israel and the United States. The country has been repairing energy infrastructure damaged during the war and also faces planned new US sanctions that could add pressure to its economy.
Paknejad said the newly discovered gas is 'sweet', meaning it can reduce development and operating costs, according to Reuters. However, the minister noted that Iran does not expect to extract all of the 7.5 trillion cubic feet figure, with an estimated recovery ratio of around 5.7 trillion cubic feet.
The discovery is significant for Iran's domestic energy needs, as the country relies heavily on natural gas for fuel and power generation. Paknejad said that the field contains gas condensate, but did not provide a specific estimate for those reserves.