Iran announces discovery of 7.5 trillion cubic feet of natural gas

Iranian Oil Minister Mohsen Paknejad announced on Iranian state television that more than 7.5 trillion cubic feet of natural gas had been discovered in a field located in Fars Province in the south of the country.

Bloomberg reported on Sunday that the new discovery allows for the extraction of approximately 5.7 trillion cubic feet of natural gas, equivalent to 15 years of production from a single phase of Iran’s South Pars field.

The Iranian Oil Minister described the gas as “sweet,” which will help reduce development and operating costs. The discovery also includes gas condensates valued at tens of billions of dollars.