Iran Announces Discovery of New Major Oil, Gas Reserves

Iranian Oil Minister Mohsen Paknejad has revealed the discovery of significant new gas and oil reserves in the Pazan field, located in the southern part of the country's Fars Province.

He stated that this discovery could play a crucial role in addressing the future energy imbalances of Iran, The Caspian Post reports, citing Iranian media.

Paknejad announced on Monday that the discovery would add an estimated 10 trillion cubic feet (tcf) of Iran's gas reserves.

He added that the exploration efforts in the Pazan field, located in southern Fars Province and extending toward northern Bushehr, have led to this significant discovery.

The Pazan field is situated approximately 21 kilometers from the city of Jam in Bushehr Province, he said, adding that these exploratory operations have increased Iran’s total in-place gas reserves by 10 trillion cubic feet.

Paknejad said that after an eight-year break in exploration activities at the site, drilling of the second exploratory well has recently been completed, marking a significant achievement.

He further noted that the development contract for the Pazan oil and gas field has been awarded, and operations are expected to start soon. Production from the field is projected to begin within 40 months, he added.