Large natural gas reserve discovered in southern Iran

Iran has discovered a large gas reserve in its southern province of Fars near the Persian Gulf as the country moves ahead with plans to expand its massive petroleum sector.

Iran’s Oil Minister Mohsen Paknejad said the Pazan gas reserve holds an estimated 10 trillion cubic feet, or more than 280 billion cubic meters, of natural gas.

According to the minister, the large gas field also covers areas in the neighboring province of Bushehr, which is the hub of Iran’s gas processing industry.

He said Iran had awarded a contract to develop the field, adding that production could start within the next 40 months.

The minister said exploration activities in Pazan had also led to the discovery of a reserve with at least 200 million barrels of crude oil, adding that the figure could increase as a result of ongoing operations in the field.