Iran says it has discovered more than 200 billion cubic m of gas

DUBAI - Iran has discovered more than 212.4 billion cubic m of gas in a field in the south of its Fars province, according to Oil Minister Mohsen Paknejad quoted by state media on Aug 23.Given an estimated recovery ratio, Paknejad said it was possible to extract about 161.41 billion cubic m of gas from that field.Iran has estimated its pre-war production at around 650 million cubic m per day, which translates into around 240 billion cubic m per year.Tehran, which has been carrying out repairs to its energy infrastructure damaged during the war with Israel and the United States, now faces planned US sanctions that could put further strain on its economy.In July, a senior government official said Iran expected to restore about 100 million cubic m per day of natural gas production capacity “within the coming months”, after strikes cut output by about 230 million cubic m per day since the war started in late February.Paknejad said the discovered gas was “sweet”, which meant it would reduce both development and operating costs. Reuters