The discovery adds 10 trillion cubic feet to Iran’s reserves, with production expected within 40 months
Iran has announced a discovery of new oil and gas reserves in the Pazan field, located in southern Fars Province and extending into northern Bushehr. This is reported by Mehr News Agency, a partner of TV BRICS.
The newly identified reserves are estimated to add 10 trillion cubic feet to Iran’s total in-place gas reserves. The field lies roughly 21 kilometres from the city of Jam in Bushehr Province, with exploration efforts recently resuming after an eight-year pause.
Oil Minister Mohsen Paknejad highlighted the completion of drilling on a second exploratory well, describing it as a key breakthrough in revitalising the site. He noted that the development contract for the field has already been awarded.
Production from the Pazan field is expected to begin within 40 months. The government views the discovery as a strategic asset in maintaining energy balance and supporting future economic growth.
Photo: Funtay / iStock
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Sihasak PhuangketkeowDeputy Prime Minister and Minister of Foreign Affairs of Thailand"BRICS can play a very important role in maintaining the free flow of trade and investment. The group can also be a vehicle for all of us to engage and to look at economic opportunities"
