DUBAI: Iran has discovered a major natural gasfield in the southern province of Fars containing more than 7.5 trillion cubic feet, or approximately 212.4 billion cubic metres, of gas, according to state media.
Iranian Oil Minister Mohsen Paknejad said that, based on the estimated recovery rate, around 5,700 billion cubic feet of gas could potentially be extracted from the newly discovered field.
The discovery comes as Iran works to repair energy infrastructure damaged during the war with the United States and Israel, while also facing the prospect of new US sanctions that could place additional pressure on its economy.
Before the war, Iran’s natural gas production was estimated at around 650 million cubic metres per day, equivalent to approximately 8.4 trillion cubic feet annually.
In July, a senior Iranian government official said the country expected to restore around 100 million cubic metres per day of gas production capacity “within the coming months”, after the conflict, which began in late February, reduced output by approximately 230 million cubic metres per day.
Paknejad said the newly discovered gas was “sweet”, meaning it contains very low levels of hydrogen sulphide, a toxic gas. This could significantly reduce the costs associated with developing and operating the field.
According to Bloomberg, however, commercial production from the newly discovered site is likely to remain several years away.
Iran’s energy sector has suffered significant damage during the conflict, with joint US-Israeli strikes targeting gas production facilities, oil depots and key transportation routes.
