Iran Unveils Major Gas Discovery Amid Escalating US Sanctions Threats

The Iranian oil ministry has announced a significant new gas discovery in the southern province of Fars. Estimates suggest that the field contains approximately 7.5 trillion cubic feet of gas, with around 73% being recoverable. This amounts to about 5.7 trillion cubic feet.

Oil minister Mohsen Paknejad stated that this volume of gas is comparable to one block of South Pars, which could supply gas for 15 years. He also noted that the discovered gas has a 'sweet' characteristic, reducing both development and operating costs.

The news comes as the United States threatens to impose further sanctions on Iran. Treasury Secretary Scott Bessent warned of an 'economic D-Day', without providing details about the nature of the sanctions.

Meanwhile, repairs at the South Pars gas field are ongoing, with 70% of operations now restored after damage caused by U.S. and Israeli strikes in the early days of the war. It is expected to take at least three years to fully restore operations, although some trains may be brought back online by the end of this year.