Iran has discovered more than 7.5 trillion cubic feet of natural gas in southern Fars province, with about 5.7 trillion cubic feet estimated to be recoverable, Oil Minister Mohsen Paknejad has said, as reported by IRNA.

The discovery could provide a major boost to Iran’s energy outlook as the country faces sweeping economic sanctions that have constrained its oil industry and access to international markets.

Paknejad made the announcement on the sidelines of a Government Week ceremony commemorating the ideals of the late Leader of the Islamic Revolution, Ayatollah Imam Khomeini.

Asked about the impact of economic pressure and concerns over a possible US blockade, Paknejad pointed to the new discovery.

“I have good news to share about the discovery of new hydrocarbon reserves.”

The minister said the government would release further details about the find at an appropriate time.

“By the grace of God and through the relentless efforts and hard work of our colleagues, a vast wealth of hydrocarbon reserves has been discovered, which will serve as a very strong foundation for the country’s energy future. Let’s start with the good news,” Paknejad said.

The announcement comes as Iran continues to develop domestic energy resources despite sanctions targeting key parts of its economy, particularly the oil sector.

The newly announced reserves could strengthen Iran’s domestic gas supply and, depending on development and production plans, add to its longer-term capacity to meet energy demand and expand exports.

Iran has continued to invest in developing its hydrocarbon resources and maintaining its energy production despite sustained economic pressure and restrictions on international trade.