BAKU, Azerbaijan, October 16. In total, $20 billion is estimated to be spent within the framework of the project to increase the pressure in the Iranian part of the Iran-Qatar South Pars gas field, Iranian Deputy Oil Minister and the CEO of the National Iranian Oil Company (NIOC), Mohsen Khojasteh Mehr said, Trend reports.
Iran shares the ownership of the South Pars gas field with Qatar. Iran's share of the field stands at about 33 percent. The country has been developing the field since 2002, investing a total of about $90 billion in its development. Iran's share of the field is divided into 24 phases, each of which is developed separately. Iran is developing its share of the field through its domestic workforce, while Qatar's part is mostly handled by foreign companies.
The CEO of NIOC also said that it is necessary to use high technology within the framework of the project to increase the pressure in the South Pars gas field.
Khojasteh Mehr added that, currently, a preliminary research contract has been signed within the framework of this project. Both Iranian and foreign specialists have been identified within the framework of the contract.
According to the conducted studies, the reduction in production from the South Pars gas field will be seriously felt after 4 years (as of March 21, 2027) at the current rate. Thus, production from the field will decrease by approximately 40 million cubic meters per day. Meanwhile, in 2036, it is predicted that gas production from the mentioned field will be halved. This will create serious inequality in gas production and supply in the country.
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 stands second in the world for gas reserves, with about 34 trillion cubic meters of gas. Reportedly, Iran's gas production capacity is more than 1 billion cubic meters. Iran exports only a small portion of the gas produced in the country, about 6 percent.
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