A new natural gas field has been discovered near Assaluyeh in the Iranian province of Bushehr, with reserves worth at least $50bn, according to Iranian oil minister Masoud Mir Kazemi.
Kazemi announced that the new gas field holds 9.1 trillion cubic feet of gas and 7.7 million barrels of gas condensate, according to UPI.
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About 80% of the reserves are recoverable, according to Kazemi, suggesting that energy firms will be able to withdraw as much as 7.4 trillion cubic feet of gas.
Iran is the second-largest oil producer in the Organization of the Petroleum Exporting Countries and the second-largest holder of natural gas reserves in the world.
