Iranian Oil Minister Announces Major Discovery of New Gas and Oil Reserves in Fars Province
Tehran - BORNA - According to the Ministry of Petroleum, the Pazen field holds an estimated 10 trillion cubic feet (10,000 billion cubic feet) of natural gas in place, marking one of Iran’s most significant exploration achievements in recent years.
Minister Mohsen Paknejad, expressing gratitude for the discovery, said: “I thank God that today I can share good news with our honorable people — the discovery of new gas and oil reserves in the southern region of Fars Province, extending toward northern Bushehr.”
The Pazen field is situated approximately 21 kilometers from Jam City in Bushehr Province. According to Paknejad, after nearly eight years of suspended exploration activities, operations resumed on the second exploratory well, which has now been successfully drilled and tested.
“Based on the results of our drilling and well testing, we have reached an impressive and promising achievement,” the minister noted.
This new discovery adds roughly 10 trillion cubic feet of gas to Iran’s total in-place reserves. Assuming a 70% recovery factor, it would yield an estimated 7 trillion cubic feet of recoverable gas—a figure equivalent to 7,000 days (about 17–18 years) of production from a single phase of South Pars, one of the largest gas complexes in the world.
“This is a significant volume that underscores the enormous potential of the Pazen field and its importance to Iran’s long-term energy security,” Paknejad emphasized.
Field development contract signed — production expected within 40 months
The Oil Minister announced that a development contract for the Pazen gas and oil field has already been awarded, and field development operations will begin soon.
“It is estimated that production from this field will commence within approximately 40 months,” he said.
Paknejad further highlighted that during the latest phase of drilling, Iranian exploration engineers successfully penetrated a horizontal layer estimated to contain at least 200 million barrels of crude oil, marking a first in Iran’s exploration operations.
“With continued studies and complementary exploration work, there is strong potential for identifying even larger reserves,” he added.
Strengthening Iran’s position as a global energy power
As the world’s second-largest holder of natural gas reserves, Iran continues to enhance its strategic position in global energy markets. The discovery at the Pazen field, officials say, will help the country address future energy supply challenges and support its broader strategy of increasing domestic production while maintaining export capacity.
Paknejad described the discovery as a “major national achievement” and expressed appreciation for the efforts of the National Iranian Oil Company’s exploration teams: “This accomplishment is the result of the dedication, innovation, and hard work of our experts in the exploration sector. I extend my sincere thanks to all my colleagues and proudly dedicate this achievement to the people of Iran.”
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