Iran Discovers 7.5 Trillion Cubic Feet of Natural Gas in Fars Province

Iran has announced the discovery of over 7.5 trillion cubic feet (Tcf) of natural gas in its southern Fars province, following months of conflict with the U.S. and Israel that heavily damaged its energy infrastructure.

Oil Minister Mohsen Paknejad stated on state television that approximately 5.7 Tcf of the newly discovered gas is recoverable. He equated the size of the find to 15 years of output from a single phase of South Pars, the world’s largest gas field, which Iran shares with Qatar. Paknejad added that the site also contains valuable gas condensates worth “tens of billions of dollars” and asserted that development of these resources would begin “as soon as possible.”

However, actual production is likely years away. Iran’s energy sector was already severely constrained by Western sanctions, lack of investment, and frequent power outages prior to the recent conflict.

Following airstrikes on its energy infrastructure—including South Pars—that began in late February, Iran lost roughly 25% of its daily gas production capacity. Although some of that capacity has been restored, the government has warned of impending winter shortages and urged the public to reduce energy consumption.