Iran Announces Discovery of Major Gas Field, Oil Minister Says

Iranian Oil Minister Mohsen Paknejad announced on state television that the country has discovered over 7.5 trillion cubic feet (tcf) of natural gas. According to the minister, approximately 5.7 tcf of these reserves, located in Fars province, are recoverable. Paknejad described the discovery as equivalent to 15 years of production from a single phase of the South Pars gas field, the world's largest, which Iran shares with Qatar. The discovery also includes gas condensates valued at tens of billions of dollars, and the government plans to develop these resources as soon as possible. However, actual production is likely years away. Iran's energy industry was already struggling with Western sanctions, a lack of investment, and power outages before the recent conflict. Attacks on energy infrastructure starting in late February, including strikes on South Pars, resulted in the loss of about a quarter of Iran's daily gas production capacity. Although some capacity has since been restored, the government has warned of potential shortages during the coming winter and has urged citizens to reduce consumption.