Iranian Oil Minister: 7.5 trillion cubic feet of natural gas discovered in southern Fars Province

On the 23rd local time, Iran's oil minister Paknejad announced that a large amount of natural gas has been discovered in a gas field in southern Fars Province. So far, more than 7.5 trillion cubic feet (TCF) of natural gas reserves have been confirmed. Considering a recovery rate of over 72%, it is estimated that about 5.7 trillion cubic feet of natural gas can be extracted. He stated that this natural gas has a special characteristic—namely, it is so-called "sweet gas", which reduces the cost of development and extraction. In addition, he revealed that besides the natural gas, Iran has also discovered a significant amount of condensate oil, which will bring tens of billions of dollars in new wealth to the country. (CCTV News)