BAKU, Azerbaijan, November 20. The first agreement will be signed next week to start executive work to increase pressure in the South Pars (North Dome in Qatar) gas field, Iran's joint gas field with Qatar, Iran's deputy oil minister and executive director of the National Oil Company, Hamid Boord told local media, Trend reports.
According to him, a total of four contracts are planned to be signed by the end of the current Iranian year (March 20, 2025) to increase pressure in the South Pars gas field, and the value of the contracts will total $20 billion.
According to Boord, the reduction of gas reservoirs occurs naturally. The pressure is also decreasing in the South Pars gas field. In order to increase gas production, plans such as pressure increases must be carried out.
On March 10, 2024, Iranian oil and gas company Pars and Petropars, Oil Industries Engineering and Construction (OIEC), and Khatamul-Anbiya construction headquarters, Mapna, and Nargan signed the general agreement to increase pressure in the South Pars gas field. On March 10, 2024, the Iranian oil and gas company Pars and Petropars, Oil Industries Engineering and Construction (OIEC), and the Khatamul-Anbiya construction headquarters in Mapna and Nargan signed the general agreement. Reports indicate that the national pressure-boosting project will increase production by 90 trillion cubic feet (about 2.55 trillion cubic meters) and 2 billion barrels of gas condensate.
Meanwhile, along with Iran, Qatar is currently conducting operations to increase pressure on the mentioned field.
The South Pars gas field in Iran comprises 28 phases. Iran started production from the field in 2002. Iran currently produces 700 million cubic meters of gas from these phases daily, according to reports. Iran has invested an estimated $90 billion in the field, and the country owns about 33 percent of the gas field's potential production. It developed the phases on the Iranian side of the field, while foreign companies primarily developed the phases on the Qatari side.
To note, the South Pars gas field (North Dome in Qatar) is a joint gas field between Iran and Qatar. Reports indicate that this field has gas reserves of 51 trillion cubic meters, of which 36 trillion cubic meters are available for production. Iran's share in this field is 14 trillion cubic meters of gas and 18 billion barrels of gas condensate.