Iran discovers over 7.5 trillion cubic feet of gas reserves as US blockade squeezes energy sector

Gas refinery at the South Pars gas field in Asalouyeh, Iran. (AP Photo) Iran has discovered more than 7.5 trillion cubic feet (tcf) of natural gas in its southern Fars province, even as months of conflict with the US and Israel have disrupted the country's energy sector.Around 5.7 tcf of the newly discovered gas is recoverable, Iranian oil minister Mohsen Paknejad told state television on Sunday. He said the recoverable reserves were equivalent to around 15 years of production from one phase of South Pars, the world's largest gas field, which Iran shares with Qatar.The discovery also includes gas condensates worth “tens of billions of dollars”, Paknejad said, adding that Iran plans to develop the resources “as soon as possible.”However, actual production is likely to take years. Iran's energy sector was already struggling with Western sanctions, underinvestment and power shortages before the latest conflict.War hits Iran's gas productionIran lost around a quarter of its daily gas production capacity after attacks on energy infrastructure began in late February, according to Bloomberg. The attacks included strikes on facilities at South Pars.Although some production capacity has sin...