Iran Discovers New Offshore Natural Gas Field

Iran has discovered a new natural gas field in the Persian Gulf with estimated reserves of 7 trillion cubic feet, an Oil Ministry official said Thursday.

Mohammad Sezavar, an official at the exploration department of the National Iranian Oil Co. (NIO.YY), said the gas field is located on the island of Lavan, south of the Persian gulf province of Hurmuzgan, the semi-official Fars news agency reported.

Serzavar said the newly discovered gas field has been named the Lavan gas field. Exploration activities there began two years ago with the drilling of two wells, he said.

Sezavar said one of the two wells had been dug around 25 years ago but was left incomplete. He said the newly discovered gas field is now ready for development.

With around 26 trillion cubic meters of natural gas, Iran has the second-biggest reserves after Russia. Iran shares its largest gas field, South Pars, with Qatar, where it is called the North Field.

Oil Ministry information shows that Iran's natural gas production capacity stands at 400 cubic meters a day.