Iran has discovered 10 trillion cubic feet (283.2 billion cubic meters) of natural gas reserves in the country's southern region, the oil minister said Monday.
According to state television, Iran's Minister of Petroleum Mohsen Paknejad said the newly identified reserves were found in the Pazen Gas Field located in southern Fars province.
Paknejad noted that the discovery came as part of ongoing oil and gas exploration activities in the area stretching from the Pazen field in southern Fars to the northern parts of Bushehr province.
"The field contains 10 trillion cubic feet of gas, with a recovery rate of 70%" he said.
The minister added that the new reserves could play a significant role in addressing Iran's energy challenges in the coming years.
According to the US Energy Information Administration (EIA), Russia holds the world's largest proven natural gas reserves with 47 trillion cubic meters, while Iran ranks second with 34 trillion cubic meters.
Despite possessing around 17% of the world's proven gas reserves, Iran requires substantial investment to develop its major gas fields.
However, US sanctions continue to prevent Western companies from engaging in energy-related agreements with Tehran. In 2018, following the reimposition of US sanctions targeting Iran's oil industry and exports, French energy giant Total withdrew from its projects in the country.
In recent months, Iran, one of the world's leading holders of oil and gas resources, has experienced periodic energy shortages due to the combined effects of economic sanctions, insufficient infrastructure investment, and rising domestic demand.
Reporting by Ahmet Dursun in Tehran
Writing by Ebru Sengul Cevrioglu
Anadolu Agency
energy@aa.com.tr
