June 26, 2010 / 10:35 AM / in 10 years

Iran announces second natural gas find near Toos

TEHRAN (Reuters) - Iran has found a second gas field in the Khorasan Razavi province where a major natural gas find was announced last week, an official said on Saturday.

The National Iranian Oil Company (NIOC) said last week it had found in-place reserves of 2.19 trillion cubic feet at the existing Toos field.

Mahmoud Mohaddes, head of the exploration office at NIOC, reserves had been found at the Attar field where exploratory drilling will take place to assess its size, semi-official agency Mehr said.

He said 70-75 percent of Toos’ gas was recoverable and that the field could be exploited over a 20-25 year period with a daily production of 130-140 million cubic feet.

Iran, a major crude exporter, sits on the world’s second-largest natural gas reserves after Russia, but sanctions that hinder access to Western technology and other factors have slowed its development as a major exporter.

Reporting by Hashem Kalantari, writing by Andrew Hammond; Editing by Ron Askew

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