Iran discovers 10 trillion cubic feet of gas reserves

Iran has announced the discovery of a major gas reserve in the Pazen Gas Field, located in the south of Fars province. In his statement, Minister of Petroleum Mohsen Paknejad noted that the reserve was identified as a result of oil and natural gas exploration activities carried out in the south of the country, stating, "This field, located in the south of Fars province and extending north to Bushehr province, covers an area of approximately 22 kilometers. We achieved this discovery as a result of the work we restarted in the region after a 7-8 year hiatus."

Paknejad said, "There are 10 trillion cubic feet (283 billion 168 million cubic meters) of gas in this field. Considering a 70 percent recovery rate, at least 7 trillion cubic feet of gas can be extracted. This amount is equivalent to approximately 18 years of uninterrupted production of the country's total gas output."

Noting that production in the field is planned to begin within approximately 40 months, Paknejad said, "The most important feature of this discovery is that we reached a horizontal layer for the first time. We have identified at least 200 million barrels of crude oil here. This amount is expected to increase with detailed examinations to be carried out in the coming stages. The addition of the new reserve will make a significant contribution to resolving energy imbalances that may arise in the coming years."

While Russia holds the world's largest natural gas reserves with 47 trillion cubic meters of proven reserves, Iran ranks second with 34 trillion cubic meters. Holding approximately 17 percent of global gas reserves, Iran is largely dependent on natural gas for energy production. A significant portion of the country's industrial and electricity needs is met from this source. The South Pars field, which is shared with Qatar, plays the most critical role in Iran's gas production. However, sanctions and technological restrictions implemented in recent years have slowed the discovery and development of new reserves. This situation poses a significant obstacle to the country fully utilizing its great potential.

News Source: İHA