Iran discovers new gas reserves worth billions in Fars
News Desk
Islamabad: Iran has announced the discovery of a major new natural gas field in the southern province of Fars, with recoverable reserves estimated at more than 5.7 trillion cubic feet.
Iranian Petroleum Minister Mohsen Paknejad announced the discovery while speaking to the state broadcaster IRIB on Sunday, describing it as significant news for the country’s energy sector amid continued US economic sanctions.
Responding to a journalist’s question about the impact of sanctions on Iran’s economy, Paknejad said the country had “good news” regarding its energy resources.
According to the minister, extensive hydrocarbon reserves have been discovered in the South Fars region, including substantial quantities of natural gas and liquefied gas. He said the newly discovered recoverable gas reserves could generate billions of dollars in additional wealth for Iran.
Paknejad said the recoverable gas volume is equivalent to roughly 15 years of production from one phase of Iran’s giant South Pars gas field, highlighting the potential importance of the discovery for the country’s future energy supply.
The announcement comes as Tehran seeks to expand domestic energy production and extract greater economic value from its vast hydrocarbon resources despite international sanctions.
Iran holds the world’s second-largest proven natural gas reserves after Russia. Data from the Gas Exporting Countries Forum estimates Iran’s proven gas reserves at around 34 trillion cubic metres.
Paknejad also indicated that preparations are underway to begin production from the newly discovered field. Once operational, the gas is expected to be supplied to various sectors of the Iranian economy, including industry and other energy-intensive industries.
The discovery could therefore provide Iran with an additional source of domestic energy while potentially strengthening government revenues from the country’s strategically important gas sector.
