Iran discovers over 7.5 trillion cubic feet of gas reserves as war, US sanctions hamper production

Iranian Oil Minister Mohsen Paknejad said Sunday the country has discovered more than 7.5 trillion cubic feet (21.24 billion cubic meters) of gas reserves in a field in the southern Fars province. Nearly 5.7 trillion cubic feet of gas can be extracted from the field, considering a recovery factor of about 72 to 73 percent, Paknejad said in an interview with state-run IRIB TV. "The newly-discovered resources add tens of billions of dollars to the intrinsic value of the country's wealth," he said, adding the field also contains a significant amount of gas condensate reserves.