Iran has discovered around 283 bcm (10 tcf) and 200 million barrels of oil of gas in the Pazan gasfield in the south of the country after an eight-year exploration pause, Reuters reported on Monday, citing the country’s oil minister.
The find, with a potential 70% recovery rate, could add 198 bcm (7 tcf) to Iran’s producible reserves and help offset domestic gas imbalances during high-demand months.
Extraction is set to begin in 40 months, Minister of Petroleum Mohsen Paknejad was cited as saying.
Iran holds the world’s second-largest natural gas reserves, although much of its production is consumed locally or lost to flaring.
The National Iranian Oil Company manages Iran’s exploration, production and export of oil and gas. The company operates numerous onshore and offshore fields, and oversees one of the world’s largest reserves of both oil and gas.
SOURCE: theenergyyear.com