Iran announces gas discovery after war worsens energy squeeze
Around 5.7 trillion cubic feet of the find in the Republic’s southern Fars province is recoverable, the country’s oil minister says
Iran has announced the discovery of over 7.5 trillion cubic feet of natural gas in its southern Fars province, following months of conflict with the US and Israel that severely impacted its energy sector. The country's oil minister, Mohsen Paknejad, stated that around 5.7 trillion cubic feet of this find is recoverable, equivalent to 15 years of production from the world's largest natural gas field, South Pars, which Iran shares with Qatar.
Additionally, the discovery includes gas condensates worth "tens of billions of dollars." Paknejad emphasized that the Islamic Republic plans to develop these resources as soon as possible, though any production would likely take years. Prior to the war, Iran's energy industry was already struggling due to Western sanctions, under-investment, and power cuts.
The conflict has resulted in a loss of about a quarter of Iran's daily gas production capacity, with attacks on energy infrastructure including South Pars. Although capacity has partially been restored, the government has warned of potential winter shortages and urged citizens to reduce consumption.
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