Iran holds the world's second largest natural gas reserves, but most of its production is consumed domestically or lost to flaring, and the country faces a gas imbalance during high demand months.
"This field has 10 trillion ft3 of gas, and if we consider a 70% recovery rate we can reach 7 trillion ft3," Paknejad said, adding that the new reserves could help cover Iran's existing imbalances in the coming years.
Paknejad added the new find was made after a pause of 8 years in exploration activities at the field and estimated it would take 40 months before extraction can begin.
