Iran Discovers Over 212 Billion Cubic Metres of Natural Gas Reserves in Southern Fars Province
Iran has discovered more than 212 billion cubic metres of natural gas reserves in southern Fars province, Petroleum Minister Mohsen Paknejad said. More than 160 billion cubic metres is recoverable, with authorities taking urgent steps to begin developing the field as soon as possible.
Tehran, August 24: Iran has announced that it has discovered more than 212 billion cubic metres of natural gas reserves in the southern Fars province. Petroleum Minister Mohsen Paknejad told state television on Sunday (local time) that more than 160 billion cubic metres of the gas could be extracted from the field, adding that authorities were taking urgent measures to begin its development as soon as possible.
He described the gas as "sweet" natural gas, meaning it contains very little hydrogen sulphide, a characteristic that could help reduce operating and development costs. The announcement came as Iran's energy sector continues to grapple with the impact of months of US-Israeli strikes on its infrastructure and extensive economic sanctions, reports Xinhua news agency. Paknejad said the discovery would "serve as a very strong foundation for the country's energy future." Iran Discovers New Gas Field in Southern Fars Province, Says Oil Minister Paknejad.
In a social media post, Mohsen Rezaei, secretary of Iran's Supreme National Security Council, said, "If the economic war continues, not a single drop of oil will be exported, neither through the Strait of Hormuz nor from anywhere in the Persian Gulf. Iran will regard any country's participation in or support for America's economic war against the Iranian people as an act of war."
His remarks came in response to recent comments made by US President Donald Trump. In a Wednesday post on Truth Social, Trump announced "the most crushing economic operation ever taken" against any country providing a lifeline to Iran. "This will be Economic Warfare and Isolation on an unprecedented scale," he said, calling the move "an ECONOMIC D-DAY." Iran Threatens Total Oil Export Halt Through Strait of Hormuz If US Economic Pressure Continues.
On June 18, the United States and Iran signed a memorandum of understanding (MoU) on ending the war in the region on all fronts, including Lebanon. Under the MoU, they were scheduled to hold negotiations within 60 days, which ended on Monday, to reach a final agreement, but the fate of the talks remains unclear following the escalation between the two countries last month.
(The above story first appeared on LatestLY on Aug 24, 2026 10:06 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).
