In comments on Sunday, Paknejad said the discovery has added a significant new resource to Iran’s national hydrocarbon reserves following efforts by the oil industry to identify and develop new deposits.

He said the field’s recoverable gas reserves are equivalent to enough gas to supply one phase of the South Pars gas field for around 15 years.

The minister described the newly discovered gas as “sweet gas,” saying this would reduce both development and operating costs.

The field also contains significant volumes of gas condensates, which, in addition to the intrinsic value of its gas reserves, could generate tens of billions of dollars in new wealth for Iran, Paknejad said.