Iran has discovered more than 7.5 trillion cubic feet of natural gas in a gas field in the southern province of Fars, Oil Minister Mohsen Paknejad said. Speaking to state television IRIB on Sunday, he said the field contains about 5.7 trillion cubic feet of recoverable gas, calculated on a recovery rate of 72 to 73 percent. The announcement came as Iran remains in an ongoing war with the United States.
The discovery could add to Iran’s already substantial gas reserves, though its commercial value will depend on whether the country can secure the investment and technology needed to develop the field. War, sanctions and the US blockade have placed Iran’s energy sector under pressure. According to the Gas Exporting Countries Forum, Iran has around 34 trillion cubic metres of proven gas reserves, ranking second globally after Russia.
Despite its large reserves, Iran has faced regular gas shortages, power outages and disruptions to industrial production. After Israel and the United States began joint attacks against Iran on February 28, conditions became more difficult. Tehran said in July that attacks on energy infrastructure had reduced daily gas production by about 230 million cubic metres.
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