BAKU, Azerbaijan, January 12. Iran requires an investment of $18 billion to increase the gas pressure in the South Pars gas field (North Dome in Qatar), Iran's joint gas field with Qatar, Iran's Minister of Oil, Mohsen Paknejad, told reporters, Trend reports.
Paknejad explained that there are seven centers in the South Pars field where gas pressure needs to be enhanced, with each center requiring an investment of about 2.5 to 3 billion dollars.
He also mentioned that the project to increase gas pressure in the South Pars field is expected to be completed within the next five years.
Paknejad added that the project would play a positive role in alleviating the country's gas shortage.
The South Pars gas field (North Dome in Qatar) is a joint Iran-Qatar gas field. It is reported that gas reserves in this field amount to 51 trillion cubic meters, of which 36 trillion cubic meters can be produced. Iran's share in this field is 14 trillion cubic meters of gas and 18 billion barrels of gas condensate. The Iranian side claims that more than 700 million cubic meters of gas is produced daily from the field.
Additionally, it should be noted that Iran has 24 phases of the South Pars gas field. Iran started production in this field in 2002. It is reported that Iran is currently producing a total of 700 million cubic meters of gas per day from these phases. It is estimated that Iran has spent an estimated $90 billion on this field. It is noted that 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.
Iran is considered the world's second largest gas reserve country with about 34 trillion cubic meters of gas reserves. Presently, 22 gas fields are operating in Iran.