BAKU, Azerbaijan, February 2. Iran is expected to generate $780 billion in revenue from gas production at the South Pars gas field (known as the North Dome in Qatar) by 2051, Trend reports.
The field, shared with Qatar, is the world’s largest natural gas reserve.
As part of this long-term project, Iran plans to implement seven pressure-boosting projects on its side of the field, with an estimated investment of $17 billion.
A company representative noted that gas production from the Iranian section of South Pars currently meets 70% of the country’s domestic gas demand and 40% of its gasoline needs.
The South Pars gas field holds an estimated 51 trillion cubic meters of gas, with 36 trillion cubic meters deemed recoverable. Iran’s share includes 14 trillion cubic meters of natural gas and 18 billion barrels of gas condensate.
Iran’s development of South Pars consists of 24 phases, with production starting in 2002. Currently, Iran produces around 700 million cubic meters of gas per day from the field. To date, Iran has invested approximately $90 billion in its development.
About 33% of the recoverable gas reserves from South Pars belong to Iran. While Iran has developed its portion independently, the Qatari side has primarily relied on foreign companies for development.
