Iran Unveils Huge New Gas Discovery Amid U.S. Economic Pressure
Norway Vows to Keep Drilling for Oil and Gas in the Arctic What I Cover Irina Slav has been writing about global energy markets since 2007, covering the oil and gas industry, energy security, commodities, and the… Iran has made a new gas discovery in the southern province of Fars, with the oil ministry reporting estimates of 7.5 trillion cubic feet of gas, of which 73% is recoverable, or 5.7 trillion cu ft.
Iran has the world’ssecond-largestnatural gas reserves, after Russia.
“This amount of gas is equivalent to one block of South Pars, which can supply gas for 15 years,” oil minister Mohsen Paknejad said, asquotedby Iranian media.
“This volume of gas has the special characteristic of being sweet, which reduces both development and operating costs,” Paknejad also said.
The Iranian oil ministry also said over the weekend that repairs at the South Pars gas field continue, with 70% of operations now restored.
and Israeli strikes in the early days of the war.
It is the world’s largest gas field, shared by Iran and Qatar, which calls it the North Field and which grew into a top-three world liquefied natural gas exporter thanks to the field’s reserves.
Restoring 100% of operations at South Pars would take at least three years, the chief executive of the company operating the field told SHANA news agency.
He added that “intensive planning and alternative execution methods are being used to bring some trains back online by the end of the year and complete the overall reconstruction within two years.” The news of the new Iranian discovery comes as the United States threatened to slap more sanctions on Tehran.
President Trump called them “draconian”,saying“Well, we have things that we could sanction.
We have very draconian sanctions, and we'll see what happens.” Separately, in an op-ed for the Financial Times, Treasury Secretary Scott Bessent threatened Iran with “an economic D-Day — the single greatest financial offensive ever marshalled against an adversary.” No details about the nature of the sanctions were revealed.
Chemicals Business Norway Vows to Keep Drilling for Oil and Gas in the Arctic What I Cover Irina Slav has been writing about global energy markets since 2007, covering the oil and gas industry, energy security, commodities, and the… Exxon and Chevron’s $26.5 Billion Quarter Draws Trump’s Ire Hormuz Draft Agreement Reportedly Awaits Khamenei Approval Iran Says Hormuz Stays Closed Until U.S.
| Product | Price | Change |
|---|---|---|
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| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
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| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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