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(Reuters) – A new discovery in the Pazan gas field in southern Iran has been made with 10 trillion cubic feet of natural gas, Oil Minister Mohsen Paknejad said on Monday according to his ministry’s news outlet Shana.
Iran holds the world’s second largest natural gas reserves, but most of its production is consumed domestically or lost to flaring, and the country faces a gas imbalance during high demand months.
“This field has 10 trillion cubic feet of gas, and if we consider a 70% recovery rate we can reach 7 trillion cubic feet,” Paknejad said, adding that the new reserves could help cover Iran’s existing imbalances in the coming years.
Paknejad added the new find was made after a pause of 8 years in exploration activities at the field and estimated it would take 40 months before extraction can begin.
Reporting by Dubai Newsroom; Editing by Kirsten Donovan
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