Iran: Iranian Oil Minister Mohsen Paknejad announced on Sunday the discovery of a massive gas field in southern Fars province, estimated at more than 7.5 trillion cubic feet. According to Yemen News Agency, in a televised interview, the minister explained that, taking recovery factors into account, approximately 5.7 trillion cubic feet of gas can be extracted from this field. He said, "Thanks to God Almighty and the efforts of our hardworking colleagues in the oil sector, this success has been achieved with the discovery of enormous quantities of gas in a field in southern Fars province, adding a new asset to the country's national reserves." Paknejad indicated that this quantity of gas is equivalent to the production of one phase of the South Pars field for approximately 15 years, adding, "This enormous volume of gas has an important advantage: the discovered gas is of the sweet type." He continued, "The sweet gas will contribute to reducing the development and operating costs of this field." The Iranian oil minister also announced the presence of a large quantity of gas condensate in addition to the gas reserves in this field, explaining, "The total of these resources adds tens of billions of dollars to the intrinsic value of the country's wealth." He stressed the need to accelerate the field's development, saying, "We must now take urgent measures to formulate plans and implement development operations for this gas field, enabling its exploitation in the shortest possible time." Nejad Pak indicated that the goal is for the gas produced from this field to serve industry and other energy-intensive sectors in the country.
Monday, August 24, 2026