BAKU, Azerbaijan, March 8. Iran is taking steps to prevent a decline in gas production from the South Pars gas field (North Dome in Qatar), a joint gas field with Qatar, said the Iranian Minister of Oil, Mohsen Paknejad, Trend reports.
Addressing an event in Tehran today to mark the signing of agreements to increase pressure at Iran's South Pars gas field, the minister added that calculations show that production from the field is expected to decline from one phase by 2028 and from 1.5 phases by 2030.
Paknejad also highlighted that around 40 percent of Iran’s produced gasoline is derived from the South Pars gas field, specifically from gas condensate. Without further action to increase pressure in the field, the country could face a severe gasoline shortage as part of the condensate is converted into gasoline.
Moreover, contracts worth $17 billion were signed between Iran's National Oil Company and local companies to increase pressure at the South Pars gas field.
The South Pars gas field (called North Dome in Qatar) is a joint gas field of Iran and Qatar. The proven reserves of the South Pars Gas Field are estimated at 51 trillion cubic meters of gas, of which 36 trillion are extractable. Iran's share in the field is 14 trillion cubic meters of 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 percent 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.
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