BAKU, Azerbaijan, November 24. Iran plans to undertake serious efforts to increase production from the local South Pars gas field (called as North Dome in Qatar), a joint gas field of Iran with Qatar, Iranian Oil Minister Mohsen Paknejad told reporters, Trend reports.
According to him, studies were carried out by the National Oil Company of Iran to increase the pressure in the South Pars gas field, and by the end of the current year (March 20, 2025), contracts are expected to be signed to increase the pressure in this field.
Paknejad added that during the past two months of this year, gas production in the country grew by 28 million cubic meters per day, and crude oil production also grew.
To note, the findings of the Research Center of the Iranian Parliament show that Iran's gas processing will increase to about 899 million cubic meters per day in 2041 at the current rate. However, gas consumption in Iran in that year is expected to be approximately 1.41 billion cubic meters. Thus, there will be a daily shortage of 512 million cubic meters of gas in Iran.
With the price of natural gas at 10 cents per cubic meter and the price of gas condensate at $50 per barrel, the cost of hydrocarbons produced from each phase of the South Pars gas field is $5 million. The total production value in 26 phases of the South Pars gas field is $130 million.
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 two 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.
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.
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