Iran has announced the discovery of more than 7.5 trillion cubic feet (212.4 billion cubic meters) of natural gas in a field in southern Fars Province, Oil Minister Mohsen Paknejad said Sunday.
Around 5.7 trillion cubic feet (161 billion cubic meters) is estimated to be recoverable based on a 72–73% recovery rate, with Paknejad saying the volume is equivalent to roughly 15 years of production from one phase of the giant South Pars field.
The newly discovered gas is reportedly “sweet,” potentially lowering development and processing costs, while the field also contains significant gas condensate reserves.
Around 5.7 trillion cubic feet (161 billion cubic meters) is estimated to be recoverable based on a 72–73% recovery rate, with Paknejad saying the volume is equivalent to roughly 15 years of production from one phase of the giant South Pars field.
The newly discovered gas is reportedly “sweet,” potentially lowering development and processing costs, while the field also contains significant gas condensate reserves.