The newly found field contains an estimated 10 trillion cubic feet of gas, which could play a key role in reducing the country’s future energy imbalance. After an eight-year pause in exploration, drilling resumed on the second well of the Pazan field. According to the Iranian oil minister, the field’s development contract has been awarded, and operational work will begin soon.
Production is expected to start within 40 months. Paknejad noted that, for the first time, Iranian exploration teams have drilled into a horizontal layer containing at least 200 million barrels of crude oil. Further studies may reveal even larger reserves.
He added that the newly discovered field increases Iran’s total gas reserves by 10 trillion cubic feet.
This comes as Iran is already the world’s second-largest holder of natural gas reserves.
