The Cenozoic stratigraphy of the Zagros records the ongoing collision between the Arabian and Eurasian Plates and the closure of NeoTethys. A Paleogene NW‐SE trending foreland basin was inherited from a Late Cretaceous precursor. Widespread progradation into the foredeep was a feature of both margins which, allied to ongoing tectonism, had by the late Eocene led to the narrowing and subsequent division of the foredeep into the Lurestan – Khuzestan and Lengeh Troughs, separated by the northward continuation of the rejuvenated Qatar‐Fars Arch. This sub‐division strongly influenced subsequent deposition and the petroleum geology of the area. In addition, the diachronous nature of the Arabian – Eurasian collision led to strong diachroneity in lithostratigraphic units along the length of the Zagros. Hence its petroleum geology is best understood within a regional sequence stratigraphic framework. This study identifies three tectono‐megasequences (TMS 10, TMS 11a, TMS 11b) and multiple depositional sequences.The Cenozoic contains a world class hydrocarbon province with prolific oil reservoirs in the Oligo‐Miocene Asmari Formation sealed by the evaporite‐dominated Gachsaran Formation, mostly contained within giant NW‐SE trending “whaleback” anticlines concentrated in the Dezful Embayment. Reservoirs in the SW are dominantly siliciclastic or comprise mixed siliciclastics and carbonates, whereas those to the east and NE are dominated by fractured carbonates. There remains untested potential in stratigraphic traps, especially in deeperwater sandstone reservoirs deposited along the SW margin of the foredeep.Late Miocene to Pliocene charge to the Asmari reservoirs was mostly from Aptian – Albian Kazhdumi Formation source rocks. In some fields, an additional component was from organic‐rich late Eocene to earliest Oligocene Pabdeh Formation source rocks confined to the narrowing Lurestan – Khuzestan Trough. Where mature, the latter source rock is also a potential unconventional reservoir target, although the prospective area is limited due to recent uplift and erosion. Deeper Jurassic source rocks contributed to the Cheshmeh Khush field in Dezful North. Silurian source rocks charged gas‐bearing structures in the Bandar Abbas region.