Iran discovers large natural gas field in south, oil minister says

Iranian Oil Minister Mohsen Paknejad said a natural gas field containing more than 212.4 billion cubic meters (7.5 trillion cubic feet) has been discovered in Fars Province in the country's south.

Speaking in an interview with state broadcaster IRIB TV on Sunday local time, Paknejad said that with an estimated recovery rate of 72 to 73 percent, about 161.4 billion cubic meters (5.7 trillion cubic feet) of gas could realistically be extracted from the field, according to Reuters and Xinhua.

He said the newly discovered gas contains low sulfur content, which would help reduce development and operating costs. He added that a significant volume of condensate — a light liquid hydrocarbon produced as a byproduct of natural gas extraction — is also present at the site.

Paknejad said the find "adds hundreds of billions of dollars to the value of national wealth."

According to data from the Gas Exporting Countries Forum, Iran holds roughly 34 trillion cubic meters of natural gas reserves. Xinhua described Iran as the world's second-largest holder of natural gas reserves, after Russia.

Iran had estimated its natural gas output at about 650 million cubic meters per day before the war with the United States and Israel. Since the war began in late February, however, output has fallen by about 230 million cubic meters per day, Reuters said, citing an Iranian official.

Iran is currently working to restore energy infrastructure damaged in the war, but additional sanctions being planned by the United States could place further strain on the economy if they take effect.