On August 23 (Tehran time), according to TASS news agency quoting Iranian Oil Minister Mohsen Paknejad, a gas field with reserves of more than 212 billion m3 was discovered in Fars province, southern Iran.
Mr. Mohsen Paknejad said that the amount of gas discovered at the new mine exceeded 212 billion m3. With an estimated recovery rate of about 73-75%, Iran can exploit about 161 billion m3 of gas from this mine.
In addition to gas, the newly discovered mine also contains condensate gas, a form of liquid hydrocarbon usually recovered with natural gas during exploitation.
According to Mr. Paknejad, Iranian officials are implementing emergency measures to soon put this gas field into development and exploitation.
The new gas field discovery was announced in the context of the conflict in the Middle East continuing to put pressure on the energy market. Conflicts between Iran and the US, Israel have disrupted energy transportation through the Strait of Hormuz, an important route for the region's oil and natural gas exports. These disruptions have put pressure on global energy supplies and caused oil prices to fluctuate sharply.
The Iranian Minister of Petroleum did not specify when the mine will begin commercial exploitation, as well as the expected exploitation capacity. Detailed information about the mine development plan will be announced by Iranian officials during the implementation process.
Fars province is located in southern Iran, where there are many activities related to the country's energy industry. The discovery of a new gas field here adds resources to Iran's gas industry.
Iranian officials are currently promoting necessary measures to begin mining development as soon as possible.
