Iran has discovered over 212 billion cubic metres of natural gas reserves in southern Fars province, with more than 160 billion cubic metres considered recoverable. Petroleum Minister Mohsen Paknejad said urgent steps are underway to develop the field. The discovery comes amid US sanctions, regional tensions and escalating economic pressure on Tehran.

Tehran: Iran has announced that it has discovered more than 212 billion cubic metres of natural gas reserves in the southern Fars province.

Petroleum Minister Mohsen Paknejad told state television on Sunday (local time) that more than 160 billion cubic metres of the gas could be extracted from the field, adding that authorities were taking urgent measures to begin its development as soon as possible.

He described the gas as "sweet" natural gas, meaning it contains very little hydrogen sulphide, a characteristic that could help reduce operating and development costs.

The announcement came as Iran's energy sector continues to grapple with the impact of months of US-Israeli strikes on its infrastructure and extensive economic sanctions, reports Xinhua news agency.