Iran Announces Discovery of Major Gas Field

Iran's Oil Minister, Mohsen Paknejad, announced on Sunday the discovery of a large gas reservoir in the south of Fars province, estimated to contain more than 212.4 billion cubic meters of natural gas. The announcement was published by the SHANA agency, which belongs to the Iranian Ministry of Oil, and was presented in Tehran as a significant addition to the country's energy reserves.

Paknejad stated that considering an estimated recovery rate of 72 to 73 percent, it will be possible to extract about 161.4 billion cubic meters of gas from the reservoir. According to him, this amount is equivalent to the production of one phase of the giant South Pars project for approximately 15 years.

The Oil Minister emphasized that a key advantage of the discovery is that it contains "sweet" gas, meaning it has relatively low levels of sulfur compounds, requiring simpler and cheaper processing before being injected into the network. The discovery is the result of exploration work carried out by the National Iranian Oil Company.

This announcement comes at a time when the Iranian energy sector is facing significant challenges. In recent months, Tehran has reported damage to gas production and processing infrastructure. Paknejad stated earlier this month that Iran is working to restore by the end of September production capacity of about 95 million cubic meters of gas per day that was lost due to damage to facilities in the Asaluyeh area.

Although Iran holds some of the largest gas reserves in the world, it has faced seasonal shortages of gas and electricity in recent years. International sanctions, a lack of investment and technology, aging infrastructure, and rising domestic consumption make it difficult for Tehran to fully utilize its vast energy reserves.