Iran Discovers 10 Trillion Cubic Feet Gas Reserves in Southern Pazan Field

Iran has announced a significant natural gas and oil discovery at the Pazan field in southern Fars province, estimated to add around 10 trillion cubic feet (about 283 billion cubic meters) of gas reserves. This discovery, following an eight-year hiatus in exploration, could yield approximately 7 trillion cubic feet of recoverable gas, equivalent to 17 to 18 years of production from one phase of Iran's largest gas field, South Pars. The discovery also includes an estimated 200 million barrels of crude oil, marking a notable find in a horizontal drilling layer. Development contracts have been awarded, and production is expected to commence within 40 months, potentially helping Iran address its domestic energy imbalance. Iran, holding the world's second-largest natural gas reserves, aims to leverage this new find to balance its energy needs amid high domestic consumption and flaring losses. The exploration and development rely increasingly on domestic expertise following the withdrawal of international companies due to sanctions.