Iran discovers more than 200b cubic metres of natural gas reserves

Iran has announced the discovery of over 200 billion cubic metres of natural gas reserves in the south of Fars province, according to reports. Petroleum Minister Mohsen Paknejad disclosed this information on state television, stating that up to 160 billion cubic metres could potentially be extracted from the field. This new discovery is considered "sweet" natural gas, meaning it contains minimal hydrogen sulphide, leading to reduced operating and development costs.

However, Bloomberg notes that any new production from this site is likely to be years away. The announcement comes amidst the ongoing conflict in the Middle East, which has adversely affected Iran's energy sector since joint US-Israeli strikes began in late February. These strikes targeted Iran's energy infrastructure, including gas production facilities and oil depots, as well as its transportation routes.