Iran discovers huge gas reserve in Persian Gulf

“Drilling the exploration oil wells has commenced in order to estimate the volume of this new gas reserve,” said Hormoz Qalavand.

Although the drop in oil prices is a serious threat to the interests of most oil countries, it also creates the opportunity for the great oil exporters such as Iran and Iraq to concentrate their efforts on expanding their oil capacities and increasing supplies.

Under current circumstances, and with the oil prices having hit their lowest record since October 2009 as $60 per barrel, Iran has taken advantage of the temporary paralysis in oil and gas industry by launching exploration projects in the Persian Gulf.

Presently, Iran with several large-scale natural gas condensate fields including South Pars, Golshan, Ferdowsi, Homa, Arash and over 34 trillion cubic meters of exploitable reserves, holds the largest natural gas reserve in the world.

The recent exploration studies of the NIOC has identified a new large-scale natural gas reserve in the south of Fars Province and near Bushehr, and it is predicted that it would even extend all the way to Hormoz Strait in Persian Gulf.

“At the moment, testing and evaluating on the lower paleozoic formation are being conducted which have finalized the existence of natural gas and gas condensate there,” said Qalavand.