Iran Economy NewsIran discovers major natural gas reserves

Iran discovers major natural gas reserves

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Reuters: Iran has discovered 2.19 trillion cubic feet of in-place natural gas reserves in the Islamic state’s northwest, an Iranian newspaper reported on Sunday.

TEHRAN June 20 (Reuters) – Iran has discovered 2.19 trillion cubic feet of in-place natural gas reserves in the Islamic state’s northwest, an Iranian newspaper reported on Sunday.

Kayhan daily quoted managing director Ahmad Qalebani of the National Iranian Oil Company as saying the discovery took place in the existing field of Toos.

The development of the new reserves would require the drilling of six wells, the report said.

Iran, a major crude exporter, sits on the world’s second-largest natural gas reserves after Russia, but sanctions that hinder access to Western technology and other factors have slowed its development as a major exporter.

(Reporting by Hashem Kalantari; Editing by Nick Macfie)

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