Iran holds the world's second largest gas reserves.
The National Iranian Oil Company (NIOC) says the newly discovered gas field in the country's southern city of Asalouyeh holds over nine trillion cubic feet of gas.
"The newly discovered field of Khayyam in eastern Asalouyeh is located on land near the Persian Gulf and 30 kilometers (18.64 miles) west of Bandar-e-Moqam" in Hormozgan province, said NIOC Exploration Director Mahmoud Mohaddes.
The field measures 21.5 kilometers in length and 4.5 kilometers in width, Fars News Agency quoted Mohaddes as saying on Thursday.
The NIOC official said the gas field holds more than 9.8 trillion cubic feet (277.5 billion cubic meters) of gas and has the capacity to produce 840 million cubic feet (23.7 million cubic meters) daily over a 28-year period.
"Estimating the value of the natural gas condensates at USD 60 per barrel, this new gas field is worth above USD 50 billion," Mohaddes said, putting the extractable amount of gas from the field at 7.32 trillion cubic feet (207 billion cubic meters).
Khayyam gas field has more than 218 million barrels of natural gas condensates, 100 million barrels of which could be extracted, he added.
Mohaddes said 18-21 wells would be needed for achieving the highest production ceiling, which is an estimated 11,000 barrels per day.
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