Iran Unveils Major Gas Discovery Amid Escalating US Economic Pressure

Iran has announced a significant new natural gas discovery in the southern Fars Province, with estimates suggesting that the field contains around 7.5 trillion cubic feet of gas.

Oil Minister Mohsen Paknejad stated that about 5.7 trillion cubic feet could be recovered based on a projected recovery rate of 73 per cent, which is comparable to one block of South Pars and can supply gas for 15 years.

The newly discovered field also has the special characteristic of being 'sweet', reducing both development and operating costs.

In addition to the gas, there is also a volume of gas condensate that has brought tens of billions of dollars in new wealth to the country.