BAKU, Azerbaijan, October 23. Iran’s South Zagros Oil and Gas Production Company (SZOGPC) has announced a two-part plan to boost its gas production in the next five years, Executive Director Ali Montasari said, Trend reports.
The director noted that the first part of the plan aims to increase the company’s gas production to 139 million cubic meters per day in the upcoming Iranian year (March 20, 2024 through March 20, 2025).
Montasari said that the second part of the plan targets a gas production of 280 million cubic meters per day in four years (March 21, 2027, to March 19, 2028).
He also mentioned that to achieve these goals, the company needs to build gas pressure stations, develop various facilities, drill new wells, and repair existing wells.
According to Montasari, the total cost of these projects is estimated at $3.6 billion, which will be funded by local investors. Some foreign investors are also expected to partner with Iranian companies in the company’s development plan.
SZOGPC is one of the three subsidiaries of the Iranian Central Oil Fields Company (ICOFC). It operates nine gas fields: Aghar, Dalan, Nar, Kangan, Sarkhoon, Tabnak, Homa, Varavi, and Shanol, and two oil fields: Saadatabad and Sarvestan.
In the last Iranian year (March 21, 2022 through March 20, 2023), the company produced 45.5 billion cubic meters of gas, 2.66 million barrels of crude oil, and 14 million barrels of gas condensate.
Meanwhile, in the first six months of the current Iranian year (March 21 to September 22, 2023), the company produced 18.3 billion cubic meters of gas from 208 gas wells.
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