Iran says discovers 495 bln cubic metre gas field

Iran has discovered a new onshore gas field with 495 billion cubic metres of gas that it estimates is worth $133 billion, Deputy Oil Minister Ahmad Qalebani told a news conference on Monday.




The field, dubbed Madar, is east of the port city of Assalouyeh, Qalebani said. An estimated 80 percent of the gas is recoverable, he added.



“The estimate of gas condensates in the field is 1.5 billion barrels from which 658 million barrels are recoverable,” Qalebani told reporters at a press conference.



Iran, the world fifth largest oil producer, has given the estimates of its oil and gas reserves as 155 billion barrels and 33 trillion cubic metres successively.



The Islamic state is hoping to discover 2.5 billion barrels of recoverable oil and 23 trillion cubic feet of gas in the course of its fifth five-year development programme to 2015.



Iran has the world’s second-largest natural gas reserves after Russia, but international sanctions which deter investment by Western firms with capital and technology have slowed its development as a major exporter.

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