TEHRAN – Iran’s Petroleum Minister Mohsen Paknejad said Sunday that more than 7.5 trillion cubic feet of gas has been discovered in a field in southern Fars province, with about 5.7 trillion cubic feet recoverable based on an estimated 72% recovery rate.
Paknejad said the discovery adds significant new hydrocarbon wealth to Iran’s national reserves and reflects efforts by the oil industry to identify and develop new resources.
He said the recoverable gas volume is equivalent to enough gas to meet the needs of one phase of the South Pars gas field for about 15 years.
Paknejad said the gas is “sweet,” a characteristic that will help reduce both development and operating costs.
The field also contains significant volumes of gas condensate, he said, adding that the resources could generate tens of billions of dollars in new wealth for Iran, in addition to the intrinsic value of the gas.
Paknejad stressed the need to accelerate development of the field and said planning and development operations should begin as soon as possible so the field can be brought onstream quickly and its gas supplied to industry and other energy-intensive sectors