TEHRAN (Reuters) -- A recently discovered gas field in Iran has reserves of 12.4 trillion cubic feet, with an estimated 249 million barrels of condensate gas, an energy official said on Saturday.

Iran said earlier this month it had discovered the Soumar oil field and Halgan gas field with total value of reserves at $85 billion.
Mahmoud Mohaddes, director of exploration at the National Iranian Oil Co. (NIOC), told oil ministry website SHANA that around 70 percent of the gas was recoverable and less than half of the condensate gas was recoverable.
“Considering that the recovery at gas fields usually stands at 70-75 percent, it is projected that about 70 percent of the field’s in-place reserves, equivalent to 8.938 cubic trillion feet, are recoverable.”
The gas field’s in-place gas reserve stands at 12.4 trillion cubic feet, or 355 billion cubic meters, with the volume of condensates estimated at 249 million barrels, he said.
He said that of the 249 million barrels of condensates, 98 million are recoverable.
“At current prices, the Halgan gas field’s reserves is valued at more than $83 billion,” Mohaddes said, adding Iran had spent $36 million on discovering the field over a period of 2.5 years.
He said that once the field is developed, NIOC will be able to produce 50 million cubic meters of gas a day over a 20-year period.
Iran sits on the world’s second-largest natural gas reserves after Russia.