Iranian Oil Minister Mohsen Paknejad announced on Monday the discovery of significant oil and gas reserves in the Pazan field, located in southern Fars Province, with an estimated volume of 283 billion cubic meters.

According to the minister, the discovery was made through exploration activities extending from southern Fars toward northern Bushehr. “Exploration efforts in the Pazan field, in southern Fars Province and extending toward northern Bushehr, have led to this important discovery,” Paknejad was quoted as saying by the Iranian oil ministry’s news agency Shana.

He noted that the newly discovered 10 trillion cubic feet of gas could play a vital role in offsetting Iran’s future energy imbalance and supporting national production goals.

The minister added that drilling and exploration work on the field’s second well, located 21 kilometers (13 miles) from the city of Jam in Bushehr Province along the Gulf coast, has now been completed after an eight-year hiatus.

Paknejad further revealed that production from the Pazan gas field is expected to begin within three and a half years, signaling a new phase in Iran’s ongoing efforts to enhance its domestic energy infrastructure and exports.

115+ Iranian entities sanctions

The Trump administration unveiled in late July its largest sanctions package since reimposing Iran sanctions in 2018. The campaign targets a “vast shipping empire” in Iran involved in transporting oil.