The newly discovered reservoir is located about 10 kilometers northwest of Khonj, near the Eram, Homa, Shanul, Sefid Baghun, Sefid Zakhor and Halegan gas fields. It contains sweet gas and gas condensate and has an estimated economic value of about $45 billion, based on an average gas price of 29 cents per cubic meter.

Initial indications of gas reserves were confirmed in December 2024, during the early months of the 14th administration. Further technical assessments from exploratory wells were completed as Iran emerged from a difficult period of war and uncertainty.

The latest reports have confirmed the presence of 7.5 trillion cubic feet of gas. In my view, the discovery is a powerful sign of hope for Iran’s future, particularly as the country moves beyond a challenging period and looks toward reconstruction and development.

The difficult days of war were overcome through national unity and the sacrifices of Iranians, including the country’s armed forces and the dedicated employees of the oil industry. New hydrocarbon discoveries now offer another indication of the potential for a brighter future.

Iran’s resource-rich land continues to reveal its underground wealth. To explain the scale of the new reservoir in simple terms, the recoverable gas is equivalent to about 15 years of production from one phase of the South Pars gas field. It is also roughly equal to the annual gas consumption of 10 major, high-consumption provinces, or about seven years of total consumption in Isfahan province and nearly six years of consumption in Tehran in recent years.

The discovery comes after the confirmation late last year of an additional 10 trillion cubic feet of gas in place at the Pazan gas field. Taken together, the two discoveries represent an unusual achievement in global gas exploration over such a short period.

In Iran’s long cultural tradition, signs and symbols have always held a special place. Today, these newly discovered resources emerging from deep underground can be seen as a sign of a more promising future.

Energy security and reliable access to energy have become major concerns for developed countries around the world. Those concerns have become even more evident following recent regional tensions. The Strait of Hormuz, a critical artery for global energy supplies, has highlighted both Iran’s strategic position and the vulnerability of global energy security.

At the same time, Iran’s vast hydrocarbon reserves provide the country with the potential to maintain stable and secure access to energy for decades to come.

A stable energy outlook is a key source of confidence for long-term economic and industrial development. We should recognize that today’s energy reserves are an important asset for future generations, allowing them to pursue Iran’s development without the same level of concern over energy security.

From this perspective, every new hydrocarbon discovery, including the latest reservoir in Fars, represents a major strategic advantage for Iran’s future.

But discovering resources is only part of the equation. The greater priority should be to turn those resources into economic value through investment, industrial development and higher value-added production.

At the same time, optimizing energy consumption, promoting a lasting culture of efficiency and transforming the way energy is managed are economic necessities. They are also, in a broader sense, a way of honoring and preserving the natural resources that have been entrusted to us.

By Mohsen Paknejad, Oil Minister

*The article originally appeared on Persian daily Iran