Iran discovers 7.5tcf natural gas reserves in Fars province
Commodity
Iran has discovered more than 7.5 trillion cubic feet of natural gas in the southern province of Fars, Oil Minister Mohsen Paknejad announced on state television. Of the estimated reserves, around 5.7 trillion cubic feet is thought to be recoverable, and the minister compared the potential output to 15 years' worth of production from one phase of the South Pars field, the world's largest gas field jointly operated by Iran and Qatar. The discovery also includes gas condensates valued in the tens of billions of dollars, and the reserves are described as sweet gas with low hydrogen sulphide content, which should lower operational costs. Paknejad acknowledged that bringing the new field into production would likely take several years, while Iran's energy sector continues to grapple with international sanctions, investment delays, and power outages, with recent attacks reducing daily gas production capacity by roughly a quarter.
