BAKU, Azerbaijan, October 8. Recently discovered reservoirs in Iran’s Pazen oil and gas field could play a significant role in addressing the country’s ongoing energy shortages, Iran’s Minister of Oil, Mohsen Paknejad, told local media, Trend reports.
Paknejad noted that with the completion of the first phase of development at the Pazen oil and gas field, the country plans to produce 20 million cubic meters of gas per day.
Paknejad noted that the new reservoirs have added 10 trillion cubic feet (about 283 billion cubic meters) of hydrocarbons and at least 200 million barrels of crude oil to the field’s reserves. He emphasized that this increase could help mitigate gas shortages, particularly during the winter season.
The minister also underlined that it's a whole new ball game when it comes to boosting the extraction coefficient of Iran’s oil and gas fields, thanks to the cutting-edge technologies currently in play in the sector.
“The Ministry of Oil believes that the country possesses sufficient potential to utilize domestic technologies. The details of this potential will be determined through the joint work of the ministry’s task group,” he said.
Iran’s Pazen oil and gas field was discovered in 2015, and earlier assessments indicated the presence of 20 trillion rials (about 566 billion cubic meters) of gas and 430 million barrels of gas condensate.
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