Amidst the ongoing conflict with the United States, Iranian Oil Minister Mohsen Paknejad announced the discovery of a natural gas field containing over 7.5 trillion cubic feet of gas in the country’s southern Fars province.
In an interview with state television IRIB on Sunday, he stated that the field holds approximately 5.7 trillion cubic feet of recoverable gas. This figure is based on a recovery rate of 72 to 73 percent—a term referring to the portion of gas or oil that can be commercially extracted from a field.
This discovery further boosts Iran’s vast gas reserves at a time when its energy sector is under pressure due to war, sanctions, and US blockades. However, the commercial value of the new field will depend on the ability to secure the necessary investment and technology for its development.
According to the Gas Exporting Countries Forum, Iran possesses proven gas reserves of approximately 34 trillion cubic meters. This makes Iran the country with the second-largest proven gas reserves in the world, trailing only Russia.
Despite these massive reserves, Iran’s energy sector faces various crises, including frequent gas shortages, power outages, and disruptions to industrial production.
The situation became increasingly critical after Israel and the United States launched joint attacks against Iran on February 28. Tehran had previously reported in July that attacks on energy infrastructure had caused a drop of approximately 230 million cubic meters in daily gas production.
