New Gas and Oil Reserves Discovered in Iran
WANA (Oct 06) – Iran’s Oil Minister announced the discovery of substantial gas and oil reserves in the “Pazan” field, located in the southern part of Fars province. The field, with an estimated 10 trillion cubic feet of gas, is expected to play a key role in addressing the country’s future energy deficits.
Speaking today, Minister Mohsen Paknejad said the new reserves were identified through exploration activities in the southern Fars region, extending toward northern Bushehr province.
“The Pazan field lies approximately 21 kilometers from Jam city in Bushehr province,” Paknejad explained. “Exploratory operations have increased the country’s proven gas reserves by 10 trillion cubic feet. After nearly eight years of halted exploration, work on the second exploratory well resumed recently. The drilling has been completed, and subsequent tests confirmed this significant achievement.”
The minister emphasized the scale of the discovery: “With 10 trillion cubic feet of gas in place and a projected recovery factor of 70%, the field could yield around 7 trillion cubic feet. This is equivalent to the output of one South Pars phase for roughly 17 to 18 years — a remarkable figure by any standard.”
Development Set to Begin Soon
Paknejad noted that the development contract for the Pazan gas and oil field has been awarded, and operational work is expected to start shortly. Production is projected to commence within approximately 40 months.
He added that for the first time in Iran’s exploration history, drilling operations in a horizontal layer of the Pazan field have uncovered an estimated 200 million barrels of crude oil. Further studies may reveal even larger reserves.
“Iran holds the world’s second-largest gas reserves,” Paknejad said. “The addition of Pazan’s resources will significantly help balance the country’s energy needs in the coming years. This is a major achievement, and I would like to thank all my colleagues involved in this field and dedicate this success to the people of Iran.”
