According to Iranian Oil Minister Mohsen Paknejad, exploratory operations in the Pazen field, located about 21 kilometers from the city of Jam in Bushehr Province, have led to the discovery of significant gas and oil deposits. The new reserves add roughly 10 trillion cubic feet (TCF) to Iran’s proven gas resources.
“After nearly eight years of inactivity in the Pazen field, drilling of the second exploratory well was resumed and recently completed,” Paknejad told Shana News Agency. “Testing results from this well confirmed the presence of substantial gas and oil reserves, marking a major achievement for our exploration teams.”
To put the scale of the discovery into perspective, Paknejad noted that recoverable reserves of about 7 TCF—based on a 70% recovery factor—are equivalent to the daily production of one South Pars phase over 7,000 days, or approximately 17 to 18 years of output from a single phase.
The minister also revealed that the development contract for the Pazen field has been awarded, and operational work is expected to commence soon. Production from the field is projected to begin within 40 months.
In a groundbreaking achievement, Iranian exploration teams have also encountered a horizontal oil-bearing layer estimated to hold at least 200 million barrels of crude oil, with the potential for higher volumes pending further analysis.
Paknejad emphasized that Iran, already the world’s second-largest holder of natural gas reserves, will benefit significantly from this addition. “These newly discovered reserves will help the country address its energy imbalance in the coming years,” he said, dedicating the achievement to “the hardworking professionals of Iran’s oil industry and the Iranian people.”