BAKU, Azerbaijan, Oct. 24
By Elnur Baghishov – Trend:
Iran’s gas extraction from the Iran-Qatar joint South Pars gas field (called North Dome in Qatar) will be reduced by 28 million cubic meters annually in four years, Managing Director of Iran's Pars Oil & Gas Company (POGC) Mohammad Meshkinfam said, Trend reports citing the POGC’s website.
According to Meshkinfam, in total, 15 percent of rich gas reserves of the South gas field in Iranian part has been extracted since 2003. With the existing facilities, about 50 percent of the rich gas can be extracted from this field, which is about 210 trillion cubic feet (about 5.95 trillion cubic meters).
The director added that with an investment of about $20 billion into the South Pars gas field, it is possible to increase extraction from this field to 75 percent, which means a profit of about $500 billion.
“There are currently 8 gas refineries operating for refining of rich gas from the South Pars gas field. The value of the production of each of these refineries is estimated at $10 million per day. So, the value of production of one refinery is about $3.5 billion annually, which is about 1 percent of Iran's raw material production,” he said.
Meshkinfam also noted that by the end of current Iranian year (March 21, 2021 through March 20, 2022), one refinery will be launched and the remaining five refineries will be fully launched by the end of next Iranian year (March 21, 2022 through March 20, 2023).
As reported, the South Pars gas field (called North Dome in Qatar) is a joint gas field of Iran and Qatar. The proven reserves of the South Pars Gas Field are estimated at 51 trillion cubic meters of gas, of which 36 trillion are extractable. Iran's share in the field is 14 trillion cubic meters of gas and 18 billion barrels of gas condensate. Iran has so far spent $90 billion on projects of the South Pars gas field.
The phases of the South Pars gas field are located in an area of 3.7 km. Iran has extracted more than 1.8 trillion cubic meters of gas and 2.2 billion barrels of gas condensate worth $335 billion by the end of last Iranian year (March 20, 2021).
Reportedly, Iran is to spend $25-$30 billion to maintain extraction from the South Pars gas field. Iran extracts daily 700 million cubic meters of gas from this field.
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