Iran finds 7.5 trillion cubic feet of gas in Fars province
Why it matters: The find could ease pressure on Iran’s energy system after war damage cut gas output and raised winter shortage risks.
Iran has identified a new natural gas field in southern Fars province holding more than 7.5 trillion cubic feet, or about 212.4 billion cubic meters, of gas, with roughly 5.7 trillion cubic feet considered recoverable. Oil Minister Mohsen Paknejad said the field contains “sweet” gas, which is cheaper to develop and process, and significant condensates that he said could be worth tens of billions of dollars. The discovery comes as Tehran repairs energy infrastructure damaged during the war with Israel and the United States. Iran has said strikes that began in late February cut about a quarter of its daily gas production capacity, and officials have warned of possible shortages this winter even as some output returns.