Iran has announced the discovery of a new deposit with 21,000 million cubic meters of natural gas in the vicinity of South Pars, the enormous gas field it shares with Qatar in the Persian Gulf.
The Iranian Minister of Oil, Mohsen Paknejad, has assured that approximately 73% of the discovered gas would be recoverable, which is equivalent to about 15 years of production from one of the phases of South Pars.
A finding announced after the attacks
The announcement comes after Iranian authorities warned that the recent attacks by the United States and Israel against South Pars facilities had caused a loss of around one-third of the production capacity of the deposit. This situation had also increased the risk of gas shortages in the coming months.
The new discovery thus occurs at a particularly delicate moment for the Iranian energy sector, which is trying to recover part of the damaged capacity.
More than 15 years of production
According to the Iranian minister, the 21,000 million cubic meters of estimated reserves could provide, once the expected recovery percentage is applied, a volume equivalent to 15 years of production from a phase of South Pars.
The deposit would also contain a significant amount of condensate gas, whose potential value, according to Paknejad, could reach billions of dollars.
South Pars, the largest gas field in the world
South Pars constitutes the Iranian part of the gigantic deposit shared with Qatar, where it is known as North Dome. Together they form the largest known natural gas field in the world and are a fundamental piece for the respective energy industries of the two countries.
The new finding thus represents a relevant addition to Iranian reserves at a time marked by the damage suffered by its energy infrastructure.
The figure of 21,000 million cubic meters comes from the estimate communicated by the Iranian government; the ultimately recoverable volume will depend on the development and exploitation of the new deposit.