Iran has announced the discovery of more than 7.5 trillion cubic feet of natural gas in the South Pars area in the south of the country. The announcement was made by Iran's Oil Minister Mohsen Paknejad on state television, as reported by infohub.kz.
According to the minister, with a recovery factor of over 72%, the recoverable reserves of the new field are estimated at approximately 5.7 trillion cubic feet.
Paknejad noted that the volume of discovered gas is comparable to the amount of fuel that one of the South Pars phases could produce over 15 years. He assessed that the new reserves could significantly strengthen Iran's resource base.
The minister emphasized that this is "dry gas," which can be transported directly or after minimal processing. This is expected to reduce development and operational costs.
Additionally, a significant amount of gas condensate was found alongside the natural gas. Paknejad stated that the combined economic value of the new resources could reach tens of billions of dollars.