Amid ongoing military tensions with the United States, Iran has announced the discovery of a massive natural gas field in the country’s south. Iranian authorities have confirmed the newly discovered field, in Fars province, holds more than 7.5 trillion cubic feet of gas, according to Anadolu Agency.
Citing Iran’s semi-official Tasnim News Agency, Iran’s oil minister, Mohsen Paknejad, said the new field holds an estimated 7.5 trillion cubic feet of gas, of which around 5.7 trillion cubic feet is recoverable.
The discovery adds significantly to the country’s national hydrocarbon reserves. The volume of recoverable gas is equivalent to 15 years of continuous output from an entire phase of Iran’s renowned South Pars gas field.
The oil minister said the newly discovered gas is “sweet gas” — meaning low in sulfur — which will make extraction considerably cheaper and less complex. Alongside the gas, the field also contains substantial gas condensate, which Iran could sell on international markets for billions of dollars in additional revenue.
A memorandum of understanding between the United States and Iran, brokered by Pakistan and Qatar in June, had temporarily eased hostilities that began in February. However, new talks between the two countries have since stalled amid disagreement over implementation of that understanding and over rules governing international shipping through the Strait of Hormuz.
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