The Iranian government has announced the discovery of more than 7.5 tcf (212 bcm) of natural gas in Fars province, in southern Iran, of which approximately 5.7 tcf (161 bcm) International pressare estimated to be recoverable (Islamic Republic News Agency, 23/08/2026).
The Oil Minister said the recoverable reserves are equivalent to enough gas to supply one phase of the South Pars gas field for around 15 years.
The discovery also includes gas condensates worth “tens of billions of dollars,” he said, adding that the Islamic Republic plans to develop the resources “as soon as possible.”
The announcement comes as Iran remains subject to extensive economic sanctions, which have affected key sectors of its economy, particularly the oil industry and its access to international markets, resulting in longer development timelines for energy projects.
Iran has the world’s second largest gas reserves (behind Russia), amounting to about 34,000 bcm, i.e. 16% of the world’s total conventional gas reserves (end of 2024). Most of those reserves have not yet been exploited because they are not linked to oil fields (non associated gas), and because two thirds are located in offshore fields (Enerdata Global Energy Research).