Iran Discovers Giant New Gas, Oil Reserves in Southern Province
The 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, Paknejad said.
He added that after nearly eight years of inactivity in the Pazen field, drilling of the second exploratory well was resumed and recently completed.
“Testing results from this well confirmed the presence of substantial gas and oil reserves, marking a major achievement for our exploration teams,” the minister noted.
He underlined 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.
In relevant remarks in September, Hamid Bovard, the CEO of the National Iranian Oil Company and Deputy Oil Minister, had announced that the country’s oil production has increased over 120,000 barrels every day.
"In the 14th government, an increase in daily production of over 120,000 barrels of oil has been achieved, and this trend will continue with the implementation of ongoing plans and programs," Bovard said.
He stressed the importance of long-term planning for the continuation of production.
Bovard described the formation of specialized working groups and the use of modern technologies as important factors in maximizing the exploitation of reserves, and said, "By using these capacities, billions of barrels of oil in situ can be converted into real wealth."
Officials said crude output rose by more than 120,000 barrels per day over the past year under the 14th administration, while raw gas production reached an unprecedented 1.105 billion cubic meters in the winter of 2024. Authorities say the increases underscore the sector’s central role in stabilizing the nation’s economy.
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