Iran discovers massive gas reserves in its Fars province

Petroleum Minister Mohsen Paknejad told state television that more than 160 billion cubic meters 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 said natural gas contains very little hydrogen sulphide, a characteristic that could help reduce operating and development costs.

Paknejad said the discovery would "serve as a very strong foundation for the country's energy future."

It was earlier reported, Turkish president announced the discovery of a new 75 bcm natural gas reserve in Black Sea.