Iran discovers over 200 billion cubic metres of new natural gas reserves
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Iran has discovered more than 200 billion cubic metres of natural gas reserves in the southern province of Fars, the country's petroleum minister Mohsen Paknejad said on Sunday.
Paknejad told state television that more than 160 billion cubic metres of gas from the newly discovered field could be extracted.
He described the gas as “sweet natural gas”, meaning it contains very little hydrogen sulphide, a toxic gas. The lower hydrogen sulphide content could reduce operating and development costs, according to the minister.
Any new production from the field is likely to be years away, Bloomberg reported.
The discovery comes as Iran's energy sector has faced significant disruption following the start of the US-Iran war in late February. Joint US-Israeli strikes on Iran have targeted parts of the country's energy infrastructure, including gas production facilities and oil depots, as well as transport routes.
Iran is a major natural gas producer, but its energy infrastructure has faced pressure from the conflict and existing production constraints.
The newly announced reserves could eventually add to the country's domestic gas resources, although their impact on production and exports will depend on future development of the field.