Iran discovers gas field worth $133b

Jordan Times.

TEHRAN (AFP) – Gas- and oil-rich Iran has discovered another gas field with reserves of 495 billion cubic metres valued at $133 billion, the oil ministry’s SHANA news service quoted an oil official as saying on Monday. “The new gas field has in spot reserves of about 495 billion cubic metres (17.5 trillion cubic feet) valued at $133 billion and is located east of Assalouyeh,” National Iranian Oil Company (NIOC) Managing Director Ahmad Qalebani said. Assalouyeh, in the southern province of Bushehr, is the base for developing Iran’s offshore South Pars field which Tehran shares with Qatar. It holds an estimated 14 trillion cubic metres of gas (500 trillion cubic feet) or 8 per cent of world gas. The Islamic republic, which has divided South Pars into 28 phases, has proven gas reserves of 33 trillion cubic metres – the second largest in the world after Russia. Iran consumes almost all of the 600 million cubic metres per day of gas it produces, but hopes to double production and export 250 million cubic metres a day to its neighbours and Europe from 2015 by developing the giant South Pars field.

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