Iran discovers new oil and gas reserves within Pazan field

Core Insights - Iran has discovered significant oil and gas reserves in the Pazan field, which is expected to alleviate the country's energy challenges [1][2] - The new reserves include at least 200 million barrels of crude oil and an estimated ten trillion cubic feet of gas, with a projected 70% recovery rate for gas [1][2] - The exploration activities resumed after an eight-year pause, with extraction expected to begin in 40 months [2] Industry Context - Iran is currently the world's third-largest gas producer and holds the second-largest gas reserves [3] - The country's gas consumption is reported to be twice that of the European Union, leading to energy shortages and frequent outages [3] - Sanctions have hindered Iran's ability to import and upgrade its aging energy infrastructure, impacting the extraction of existing reserves [4] Impact of Sanctions - The reinstated sanctions have restricted oil, gas, and petrochemical exports, isolating Iran's energy sector and limiting foreign investment [5] - The Iranian Offshore Oil Company has signed agreements to acquire advanced offshore drilling rigs to boost production, with approvals from the National Iranian Oil Company [5]