Iran uncovers huge gas field in south, says oil minister

Iran has identified a gas field in Pazan, located in the south of the country, with reserves estimated at 10 trillion cubic feet. 

Oil Minister Mohsen Paknejad announced that the find follows an eight-year pause in exploration activities at the site, Caliber.Az reports, citing Shana. 

“This field contains 10 trillion cubic feet of gas - assuming a 70% recovery factor - could yield about 7 trillion cubic feet, equivalent to 7,000 days of production from one phase of the South Pars gas field”, Paknejad explained. 

He added that the newly discovered reserves could help address Iran’s gas supply challenges in the coming years. 

Despite possessing the world’s second-largest gas reserves, Iran faces supply constraints during periods of high demand, as most of the gas is consumed domestically or lost through flaring.

Paknejad projected that extraction from the newly discovered reserves could commence in about 40 months.

By Khagan Isayev