Insta
Iran’s Oil Minister, Bijan Namdar Zanganeh. (Getty Images)
Iran announced on Sunday (13 October) that it has discovered a new natural gas reserve located near the Persian Gulf in the southwestern province of Fars with the capacity to produce nearly 400 million barrels of gas condensate, which could generate a total of $40 billion in revenue, reports CNN.
The natural gas field, named Eram in the province of Fars holds about 19 trillion cubic feet of gas, National Iranian Oil Company (NIOC) Deputy Managing Director Reza Dehghan said at a press conference.
"We have the potential to identify more undiscovered oil and gas reserves (in the country) by using geophysical exploration techniques and discovery drilling and will definitely add to Iran's national wealth," Dehghan said.
The discovery of the new gas field could not have come at a better time for Iran as it is suffering under intense economic sanctions imposed by the US aimed at forcing the country to limit its nuclear program.
"America cannot cease Iran's oil production. Sanctions have not stopped the Iranian oil industry. We are active. We are alive," Iranian Oil Minister Bijan Namdar Zanganeh said last month.
Regardless of US sanctions, Iranian officials say they will press forward with their energy development that, "seek to cripple the country's economy," according to reporting from semi-official news agency Tasnim.
According to Experts Iran is ranked 4th in proven oil reserves in the world, with 159 billion barrels of recoverable hydrocarbons.
Support Swarajya's 50 Ground Reports Project & Sponsor A Story
Every general election Swarajya does a 50 ground reports project.
Aimed only at serious readers and those who appreciate the nuances of political undercurrents, the project provides a sense of India's electoral landscape. As you know, these reports are produced after considerable investment of travel, time and effort on the ground.
This time too we've kicked off the project in style and have covered over 30 constituencies already. If you're someone who appreciates such work and have enjoyed our coverage please consider sponsoring a ground report for just Rs 2999 to Rs 19,999 - it goes a long way in helping us produce more quality reportage.
You can also back this project by becoming a subscriber for as little as Rs 999 - so do click on this links and choose a plan that suits you and back us.
Click below to contribute.
Latest