Iran announces massive gas field discovery

A new onshore gas field worth $50 billion has been discovered in the southern part of Iran, Oil Minister Masoud Mirkazemi has said.

The new field, called Khayyam, has 260 billion cubic meters gas in place, Mirkazemi said, adding 210 billion cubic meters of the reserve is recoverable.

"The field also holds some 220 million barrels of gas condensates, 100 million barrels of it is recoverable," Mirkazemi said yesterday.

The value of the gas and gas condensates has been estimated at least $50 billion," he noted.

Mirkazemi said in October that a new oilfield had been discovered in southern Iran, increasing the country's proven oil reserves to 150.31 billion barrels.

He also announced the discovery of a new gas field -- named Sefid (white) -- in Iran's southern province of Hormozgan, saying that the field contains "70 billion cubic meters of gas, 72 percent of which can be exploited."

"Over the course of the past six months, the country's oil and gas reserves have been reassessed. According to the latest studies, the country's oil reserves have reached 150.31 billion barrels," Mirkazemi said on November 30, 2010.

Iran boasts the world's second-largest natural gas reserves after Russia. Iran is also the world's third-largest oil producer.