Iran discovers 212 billion cubic meters of natural gas reserves

Iran has discovered more than 212 billion cubic meters of natural gas reserves in the South Pars region, Anadolu Agency reported, citing the country's Oil Minister Mohsen Paknejad.

According to the minister, since the extraction efficiency is more than 72 percent, the usable amount of gas can reach 161.41 billion cubic meters. This volume is equivalent to the amount of gas that can be supplied through one stage of the South Pars pipeline for 15 years. This new field will significantly contribute to Iran's energy resources.

Paknejad noted that the gas found is "dry gas." This means that it can be directly transported after processing or minimal cleaning, which reduces the costs of developing and using the field.

A large amount of gas condensate was also found along with the natural gas. These resources are expected to bring tens of billions of dollars in additional income to the Iranian economy, in addition to the value of the gas itself.