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Iranian Oil Minister Paknejad announces 7.5 trillion cubic feet of gas in South Pars
Iranian Oil Minister Mohsen Paknejad announced that more than 7.5 trillion cubic feet of natural gas had been found in the South Pars region. Approximately 5.7 trillion cubic feet of the reserve is recoverable, and significant amounts of gas condensate were also found alongside the gas.
Iranian Oil Minister Mohsen Paknejad announced that the natural gas reserve discovered in the South Pars region would make a significant contribution to the country's energy resources.
Speaking to Iranian state television, Paknejad said that more than 7.5 trillion cubic feet of natural gas had been found in the region in southern Iran. He said that, based on a recovery rate of more than 72 percent, the recoverable amount of gas could be approximately 5.7 trillion cubic feet.
Equivalent to 15 years of production from one South Pars phase
Paknejad said the amount discovered was equivalent to 15 years of natural gas production from one phase of South Pars. He added that the new reserves would make a significant contribution to Iran's energy resources.
Dry gas and gas condensate
The Iranian minister said the natural gas found was classified as “dry gas,” which can be transported directly or after undergoing minimal processing. He said this characteristic could reduce the costs required to develop and operate the field.
Paknejad announced that significant amounts of gas condensate had also been found alongside the natural gas. He said these resources could provide Iran with tens of billions of dollars in additional economic value, beyond the gas's economic value.
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