BAKU, Azerbaijan, October 6. New oil and gas reservoirs have been discovered in the Pazan oil and gas field in Fars Province, located in southern Iran, Oil Minister Mohsen Paknejad told local media, Trend reports.
According to him, the Pazan oil and gas field is located 21 kilometers from Jam city in Bushehr Province.
''Exploration operations in this field had been suspended for about eight years. Meanwhile, exploration operations on the second well in the field were recently completed, and tests were conducted. As a result, the gas reserves of the field rose by 10 trillion cubic feet (about 283 billion cubic meters),'' he added.
Paknejad said that the production rate increase to 70 percent would enable to production of seven trillion cubic feet (about 198 billion cubic meters) of gas from this field.
This is equivalent to the volume of gas that will be produced in the first phase of the South Pars gas field, which is currently a joint gas field between Iran and Qatar, for about 17-18 years.
As the minister pointed out, the exploration operations also determined that there are at least 200 million barrels of crude oil in the Pazan field. With the improvement of research, it's expected that the oil reserves in this field will grow.
“The development of the Pazan oil and gas field will begin soon on a contractual basis. It's expected that production will be possible from this field within the next 40 months,” he added.
The Pazan field was discovered in 2015. The field was reported to contain 20 trillion rials (approximately 566 billion cubic meters) of gas and 430 million barrels of gas condensate.
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