Iran announces discovery of 7.5 trillion cubic feet of gas at South Pars
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Iran's Oil Minister Mohsen Paknejad announced the discovery of more than 7.5 trillion cubic feet of natural gas in the South Pars area. The recoverable reserves are estimated at about 5.7 trillion cubic feet, with a recovery rate above 72 percent. The discovery includes significant gas condensate, with total economic value projected in the tens of billions of dollars.
Key Facts
- Iran's Oil Minister Mohsen Paknejad announced the discovery of more than 7.5 trillion cubic feet of natural gas in the South Pars area.
- The recoverable reserves are estimated at about 5.7 trillion cubic feet, based on a recovery rate above 72 percent.
- The discovered gas is 'dry gas' that can be transported directly or after minimal processing, reducing development and operating costs.
- The discovery includes a significant volume of gas condensate, with total economic value projected in the tens of billions of dollars.
Discovery Announcement
Iran's Oil Minister Mohsen Paknejad announced the discovery of more than 7.5 trillion cubic feet of natural gas in the South Pars area on state television. The announcement was made during a broadcast on Iranian state television, as reported by Anadolu Agency. Paknejad stated that the discovered volume is equivalent to the amount of gas one phase of South Pars can produce over 15 years.
Reserve Estimates
With a recovery rate above 72 percent, the recoverable reserves are estimated at approximately 5.7 trillion cubic feet. The minister noted that the new reserves could significantly strengthen Iran's resource base. The gas is classified as 'dry gas', which can be transported directly or after minimal purification. This characteristic is expected to reduce costs for both field development and subsequent operation.
Economic Value
Alongside the natural gas, a significant volume of gas condensate was also discovered. Paknejad stated that the combined economic value of the new resources could amount to tens of billions of dollars. The minister emphasized that these resources will bring new economic value to Iran beyond the gas itself.
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Iran announces discovery of 7.5 trillion cubic feet of gas at South Pars
