Iran has discovered a new gas field in southern Fars province containing more than 7.5 trillion cubic feet of gas.

Axar.az reports, citing Iranian media, that Iranian Oil Minister Mohsen Paknejad said on Sunday.

Paknejad said the field has an estimated recovery rate of about 72%, meaning around 5.7 trillion cubic feet of gas could potentially be extracted.

He said the recoverable volume was equivalent to enough gas to meet the needs of one phase of the South Pars gas field for about 15 years.

“The gas is so-called sweet gas, and this feature will reduce both the costs of developing the field and its operating costs,” Paknejad said.

The minister added that the field also contains significant amounts of gas condensate, which he said could generate tens of billions of dollars in additional value.