Iran Discovers 28Tcf of Gas Reserves at New Fields - Minister

TEHRAN (Dow Jones Newswires), July 5, 2010

Iran, the Organization of Petroleum Producing Countries' second largest oil exporter, has discovered two new natural gas fields, Oil Minister Masoud Mirkazemi announced Monday.

The combined gas reserves of the two fields amount to around 800 billion cubic meters (28 trillion cubic feet), he told reporters.

"Forouz gas field is located in the Persian Gulf near Kish island and has 700 billion cubic meters of gas reserves," Mirkazemi said, adding that when brought on stream the field could produce around 70 million cubic meters of gas daily.

He said the second field was found in the northeastern province of Khorasan Razavi and has 62.5 billion cubic meters of gas reserves.

It could produce four million cubic meters of gas daily, the minister added.

Iran has the world's second-largest reserves of natural gas after Russia.

The South Pars field in the Gulf has around 14 trillion cubic meters of gas, which represents about eight percent of world reserves.

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