The Oligocene–Miocene carbonate record of the Zagros Mountains, known as the Asmari Formation, constitutes an important hydrocarbon reservoir in southern Iran. This marine carbonate succession, which developed under tropical conditions, is explored in terms of larger foraminiferal biostratigraphy, facies analysis and sequence stratigraphy in a new section at Papoon cropping out in the western Fars sub-basin, in the south-east of the Zagros belt. Facies analysis shows evidence of re-working and transport of skeletal components throughout the depositional system, interpreted here as a carbonate ramp. The foraminifera-based biozones identified include the Globigerina–Turborotalia cerroazulensis–Hantkenina Zone and Nummulites vascus–Nummulites fichteli Zone, both of Rupelian age, the Archaias asmaricus–Archaias hensoni–Miogypsinoides complanatus Zone of Chattian age and the ‘Indeterminate’ Zone of Aquitanian age. The vertical sedimentary evolution of the formation exhibits a progressive shallowing of the facies belts and thus the succession is interpreted as a high-rank low-order regressive systems tract. This long-lasting Rupelian–Aquitanian regressive event is in accordance with accepted global long-term eustatic curves. Accordingly, long-term eustatic trends would have been a factor controlling accommodation during the deposition of the Asmari Formation studied in the western Fars sub-basin.