Iran has announced the discovery of a new natural gas field with 540 billion cubic meters (bcm) of reserves in the southern province of Fars, the country's Oil Ministry announced on its website Sunday.
The new gas field is located in the southern part of Fars province with 540 bcm (19 trillion cubic feet), Reza Dehghan, vice president of the National Iranian Oil Company, was quoted as saying in the statement of the ministry.
Iran has the second highest natural gas reserves in the world.
Dehghan said that the discovery came one year after the exploration studies started in the region at the depth of 4.632 meters.
He said the field was named as 'Eram” and has the potential to meet the gas needs of Tehran for 16 years.
Reporting By Muhammet Kursun in Tehran
Writing By Nuran Erkul Kaya