Iran announced the discovery of 7.5 trillion cubic feet of gas in the Fars province, located in the south of the country. This announcement was made by the Minister of Petroleum and occurs during what is described as an 'economic war' initiated by the United States against the Islamic Republic.
Mohsen Paknejad, in statements released by the Shana news agency, affiliated with the Ministry of Petroleum, emphasized that this new discovery adds a considerable amount of hydrocarbons to Iran's national reserves, reflecting the efforts of the oil industry to identify and explore new resources.
The Iranian ruler calculated that about 5.7 trillion cubic feet of the total discovered could be extracted. This amount would be sufficient to supply the production of the first phase of South Pars, the world's largest natural gas field, for a period of 15 years.
Furthermore, the deposit contains a significant volume of condensate gas, which, according to Paknejad, has the potential to generate millions of dollars for Iran.
Since the joint offensive between Israel and the United States against Iran, which occurred on February 28, the Israeli army has attacked the South Pars 'offshore' field twice. This field is shared between Qatar and the Islamic Republic, which responded by attacking energy facilities of neighboring countries in the Persian Gulf.
Although Iran possesses the second-largest global natural gas reserve and the third-largest oil reserve, the country faces difficulties in exploiting these resources. Consequently, it suffers from power outages both in summer and winter and is forced to import gasoline.
In parallel, sanctions imposed by the United States hinder the export of Iranian petroleum products. The discovery comes at a time when US President Donald Trump announced what he called an 'economic Day D,' describing it as 'the most devastating economic operation ever conducted against any country,' aiming to end the war and reopen the Strait of Hormuz.
Washington has not yet detailed the new economic measures against the Islamic Republic, but U.S. Treasury Secretary Scott Bessent warned that nations providing 'any kind of vital assistance to Iran' will face economic repercussions.
Masoud Pezeshkian, the Iranian president, publicly admitted that Iranian society is facing 'numerous difficulties' under increasing economic pressure from the United States. However, in a speech broadcast on state television, the Iranian leader stated that his country is engaged in a 'total war on economic, military, and security fronts.'
Pezeshkian also argued that the attempt by the United States to dismantle the existing power structure in the Islamic Republic and implant authorities more aligned with Washington, as seen in Venezuela, has completely failed. He declared: 'Iran has not only not become like Venezuela, but the world was surprised by our power,' accusing the US of combining military attacks with internal destabilization tactics.
Regarding previous agreements, the parties had signed a memorandum of understanding on June 17, which provided for an immediate ceasefire and 60 days of negotiations for a peace agreement, a deadline that expired on Monday. However, conflicts resumed shortly after the signing of the memorandum, and Iran restored restrictions on commercial navigation in the Strait of Hormuz—through which 20% of global oil goods passed before the conflict—while the United States resumed its naval blockade of Iranian ports.
Threats in the Strait of Hormuz have forced regional oil exporters to seek alternative routes, notably in the Red Sea, where Houthi rebels from Yemen, supported by Tehran, imposed their own naval blockade on Saudi Arabia.
Mohammad Bagher Ghalibaf, the chief Iranian negotiator, warned that the Strait of Hormuz will not be reopened until Washington fulfills the terms of the protocol signed in June. This keeps pressure on fuel prices and on President Donald Trump, about two months before the midterm elections in the United States. Meanwhile, Iran and Oman, neighbors on both sides of the strait, have been debating the future administration of this passage for weeks, in an agreement negotiated outside the dialogue process between Washington and Tehran.