Iran explores new onshore gas field in south

Iran is exploring a new onshore gas field in the southern part of the country which could be worth USD 50 billion, Oil Minister Massoud Mirkazemi said on Sunday.

"The new field has 260 billion cubic metres gas in place ... 210 billion cubic metres of it is recoverable and it is an onshore field," Mirkazemi told a news conference.

"The value of the gas and gas condensates has been estimated at at least USD 50 bn," he said.

Iran boasts the world's second-largest natural gas reserves after Russia, but US and UN sanctions deterring investment by Western firms with expertise and technology have slowed its development as a major exporter.