BAKU, Azerbaijan, March 11. An agreement for the implementation of the national project to increase pressure in the South Pars gas field (North Dome in Qatar) has been signed, Trend reports.
The document was signed between Iran's Pars Oil and Gas Company, Petropars, Oil Industries Engineering and Construction (OIEC), Khatamul-Anbiya Construction Headquarters, Iran Power Plant Projects Management Company (MAPNA), and Nargan Company.
Iranian Oil Minister Javad Owji, Executive Director of the National Oil Company Mohsen Khojastmehr, and other officials attended the event organized in connection with the signing.
Based on the agreement, funds worth 20 billion dollars will be spent on increasing the pressure in the South Pars gas field.
A total of 90 trillion cubic feet (about 2.55 trillion cubic meters) and two billion barrels of gas condensate will be added to production within the national project.
To note, along with Iran, Qatar is carrying out operations to increase pressure in the mentioned field.
Iran has 28 phases of the South Pars gas field. The country has been producing in this field since 2002. Iran is currently producing a total of 700 million cubic meters of gas per day from these phases. It is estimated that the country has spent an estimated $90 billion on this field. About 33 percent of the gas that can be produced from the gas field belongs to Iran. On the Iranian side, the fields have been developed by Iran, while on the Qatari side, the fields have been developed mostly by foreign companies.
The South Pars gas field (North Dome in Qatar) is a joint Iran-Qatar gas field. It is reported that this field has 51 trillion cubic meters (tcm) of gas reserves, of which 36 tcm of gas can be produced. Iran's share in this field is 14 tcm of gas and 18 billion barrels of gas condensate.
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