Iran has announced the discovery of a major new natural gas field in the southern province of Fars, adding more than 7.5 trillion cubic feet (212 billion cubic metres) to the country’s gas reserves.
Iranian Oil Minister Mohsen Paknejad said more than 5.7 trillion cubic feet of the newly discovered gas is considered recoverable, based on an estimated recovery rate of around 72–73%. The discovery was announced on Sunday as Iran continues efforts to expand its domestic energy resources.
Paknejad described the gas as “sweet,” meaning it contains very little hydrogen sulphide. The characteristic is expected to lower development and operating costs compared with fields containing higher levels of the corrosive and toxic compound.
Iranian officials said the recoverable reserves are roughly equivalent to the amount of gas produced by one phase of the giant South Pars field over about 15 years. The newly identified field could eventually produce around 1 billion cubic feet of gas per day, although bringing the discovery into production is expected to take time.
The announcement comes as Iran faces significant pressure on its energy sector amid continuing geopolitical tensions, sanctions and disruptions to energy infrastructure. The country is already home to some of the world’s largest natural gas resources, but sanctions and investment constraints have limited its ability to fully develop and export those reserves.
The new discovery could strengthen Iran’s long-term energy security and provide additional supplies for industries and other major domestic consumers once development begins.
Officials have indicated that efforts are being accelerated to develop the field and bring its gas into production as quickly as possible.