Iran announced Sunday it’s discovered a new natural gas reserve with the capacity to produce nearly 400 million barrels (Mmbbl) of gas condensate, which could generate $40 billion of revenue, Kallanish Energy reports.
The Eram natural gas field is located near the Persian Gulf in the southwestern province of Fars. It holds roughly 19 trillion cubic feet (Tcf) of gas, National Iranian Oil Co. (NIOC) deputy managing director Reza Dehghan said, at a press conference, CNN reported.
“We have the potential to identify more undiscovered oil and gas reserves (in the country) by using geophysical exploration techniques and discovery drilling and will definitely add to Iran’s national wealth,” Dehghan said.
The discovery comes at an opportune time for Iran, which has suffered economically under a number of U.S. sanctions aimed at forcing the country to limit its nuclear program.
“America cannot cease Iran’s oil production. Sanctions have not stopped the Iranian oil industry. We are active. We are alive,” Iranian oil minister Bijan Namdar Zanganeh said in September.
Iranian officials have repeatedly said that the country will press forward with its energy development plans despite US sanctions that “seek to cripple the country’s economy,” according to reporting from semi-official news agency Tasnim.
Dehghan said Iran is ranked 4th among the countries with the largest proven oil reserves in the world, with 159 billion barrels of recoverable hydrocarbons, CNN reported.
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