Iran Finds Significant Gas Reserve in Southern Part of the Country

Iran’s state owned National Iranian Oil Company (NIOC) has discovered significant natural gas reserve in the southern part of the country, company’s Managing Director of Exploration Department Hormoz Qalavand announced on Sunday.

Qalavand stated that the new gas reserve was discovered during NIOC's recent exploration in the south of Fars and near Bushehr province.

He said that exercise to estimate the volume of this new gas reserve has commenced, Mehr News reported.

“At present, tests and evaluations on the lower Paleozoic formation are being conducted, which have verified the presence of natural gas and gas condensate there,” Mehr quoted Qalavand as saying.

Iran with several large-scale natural gas condensate fields including South Pars, Golshan, Ferdowsi, Homa, Arash and over 34 trillion cubic meters of exploitable reserves, holds one of the largest natural gas reserves in the world.