283 Billion Cubic Meters of Natural Gas Reserves Discovered in Iran

Iran Discovers Major Reserve in Pazen Gas Field

According to Iranian state television, Iran's Oil Minister Mohsen Paknejad announced that a significant amount of natural gas reserves has been discovered in the Pazen Gas Field located in the south of the country. These discoveries in the southern part of Fars province are seen as a result of efforts to increase the region's oil and gas reserves.

Large Reserve Volume and Potential Recovery

Paknejad stated that the gas reserves currently available in this field amount to 10 trillion cubic feet (approximately 283 billion 168 million cubic meters), and with a recovery rate of 70%, at least 7 trillion cubic meters of gas could be extracted. This potential indicates Iran's significant capacity to contribute to solving the energy crisis.

Global Competition and Impact of Sanctions

According to the 2021 report by the U.S. Energy Information Administration, Russia holds the largest natural gas reserves at 47 trillion cubic meters, while Iran ranks second with 34 trillion cubic meters. Holding approximately 17% of the world's total proven natural gas reserves, Iran needs investment resources to develop large-scale gas fields. However, the unilateral sanctions imposed by the U.S. have significantly restricted Western energy companies' ability to make commercial agreements with Iran.

Energy Interruptions and Economic Challenges

As one of the countries with the largest natural gas and oil reserves in the world, Iran has been experiencing serious energy interruptions in recent months due to increasing economic sanctions, inadequate infrastructure investments, and rapidly rising energy demand. Particularly, the current sanctions implemented in 2018 have negatively impacted Iran's potential for development in the energy sector. This situation has made it all the more urgent to take measures to meet the country's natural gas and energy needs.