Iran announces discovery of 212 billion cubic metres of gas reserves

Iran has announced the discovery of more than 212 billion cubic metres of natural gas reserves in the southern province of Fars, describing the find as significant for the country’s energy future.

Petroleum Minister Mohsen Paknejad told state television on Sunday that more than 160 billion cubic metres of gas from the field was believed to be recoverable.

Paknejad said the authorities were taking urgent steps to begin developing the reserves at the earliest opportunity.

The newly discovered fuel was classified as “sweet” natural gas because it contains relatively little hydrogen sulphide. Its composition could reduce the cost and complexity of processing and developing the field.

Paknejad described the discovery as a strong foundation for Iran’s long-term energy security. The announcement comes as the country’s energy industry contends with extensive economic sanctions and damage caused by months of US-Israeli strikes on its infrastructure.

Separately, Mohsen Rezaei, secretary of Iran’s Supreme National Security Council, warned that continued economic pressure could halt oil exports through the Strait of Hormuz and elsewhere in the Persian Gulf.

Rezaei said Tehran would regard any country’s involvement in or support for what he called the United States’ economic war against the Iranian people as an act of war.

His warning followed US President Donald Trump’s announcement of a fresh economic campaign against countries providing support to Iran. In a post on Truth Social, Trump described the planned measures as an unprecedented effort to economically isolate Tehran.

The United States and Iran signed a memorandum of understanding on 18 June aimed at ending conflict across the region, including in Lebanon. The agreement envisaged negotiations within 60 days to reach a final settlement.

That period ended on Monday, but the status of the talks remains uncertain following renewed tensions between Washington and Tehran.

With IANS inputs