BAKU, Azerbaijan, March 8. The production rate from the South Pars gas field, a joint gas field between Iran and Qatar, will increase by 21 percent with the completion of work within the framework of the pressure increase project (Northern Dome in Qatar), an official of Pars Oil and Gas Company (POGC) Mohammad Mehdi Tavassolipour told reporters, Trend reports.
He said that this will increase the production factor in this field from 54 percent to 75 percent.
Tavassolipour mentioned that sevenhubs are planned within the framework of the pressure increase project. Each hub is designed to create a daily capacity of one billion cubic feet (about 28.3 million cubic meters) for pressure increase, two platforms for electricity generation and two platforms for the accommodation of 120 personnel.
South Pars is a significant global resource, representing about seven percent of the world's gas reserves, 50 percent of Iran’s total gas reserves, 75 percent of the country’s gas production, and 40 percent of its gasoline production.
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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