Iran says massive gas reserve discovered
Tehran, Iran, Dec. 14
By Milad Fashtami - Trend:
Managing Director of the National Iranian Oil Company's (NIOC) Exploration Department Hormoz Qalavand said that Iran has discovered massive gas reserve in the southern Fars province.
"The new gas field is located at the south of the province, close to Bushehr province," he said, Iran's Mehr news agency reported on Dec. 14.
"The field may cover a large area extended from Fars province to the Strait of Hormuz," he explained.
"It has been confirmed that the field contains massive natural gas, and gas condensate reserve," Qalavand said.
"Studies are underway to determine the exact volume of the reserve," the official added.
The field may reportedly be as big as the South Pars gas field, located in the Persian Gulf.
Iran holds 17 percent of the world's proven natural gas reserve and more than one-third of OPEC's reserve. Iran has a high success rate of natural gas exploration, in terms of wildcat drilling, which is estimated at 79 percent compared to the world average success rate of 30 percent to 35 percent, according to Facts Global Energy (FGE).