Amidst US Sanctions, Iran Claims It Has Discovered Natural Gas Reserve Worth $40 Billion In Revenue 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.

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