Iran has discovered a new gas field in southern Fars Province containing an estimated 7,500 billion cubic feet of gas.
Iranian Oil Minister Mohsen Paknejad said on Sunday the country has discovered more than 7.5 trillion cubic feet of gas reserves in a field in the southern Fars province.
Paknejad said, Nearly 5.7 trillion cubic feet of gas can be extracted from the field, considering a recovery factor of about 72 to 73 percent.
He added, that the recoverable volume was equivalent to one block of the South Pars gas field and could supply gas for 15 years.
The development comes as, Iran’s Ministry of Petroleum, reported that the recovery of production capacity at the Phase 14 refinery in the South Pars gas field was 70 per cent complete and was expected to be finished by the end of the Iranian calendar year.
