Iran discovers a mega gas field that multiplies its reserves

Iran announced the discovery of a deposit with about 10 trillion cubic feet of natural gas in the Pazan field, which extends from the south of Fars province to the north of Bushehr, the Ministry of Petroleum reported this Monday.

Minister Mohsen Paknejad himself reported that, after an eight-year halt in exploration, the secondary exploratory well that led to this discovery was completed.

The official explained that, calculating a recovery rate of 70%, the exploitable volume could be around seven trillion cubic feet.

In addition to gas, a horizontal layer with at least 200 million barrels of crude oil was identified in the same field during drilling operations. “Further studies could reveal even greater reserves,” said Paknejad.

You can also read:

According to what was specified, the development contract for the Pazan field has already been awarded and it is estimated that production could begin in approximately 40 months.

The finding occurs in a context of difficulties for Iran, marked by the reactivation of international sanctions. At the end of September, France, Germany and the United Kingdom promoted the reimposition of United Nations (UN) sanctions under the ‘snapback’ mechanism, arguing that Tehran failed to comply with its nuclear commitments. The measure restored restrictions on exports of oil, gas and petrochemical products, affecting the country’s main source of income.