Iran’s oil minister: Rapid development of joint oil and gas fields is a national task

Business Materials 30 November 2013 11:35 (UTC +04:00)

Baku, Azerbaijan, Nov. 30

By Fatih Karimov - Trend: Iran's oil minister Bijan Namdar Zanganeh said that the development of joint oil and gas fields is a national task, IRIB reported on November 30.

We should place the priority on the development of joint oil and gas fields. Iran has a number of joint fields with Qatar, Saudi Arabia, and Iraq, Zanganeh said.

In the South Pars gas field, the priority will be attached to the phases 12, 15, 16, 17, and 18, he said, adding that these phases should come on stream within two years.

Expansion of petrochemical unit and refineries is the second most important task in order to enable us to reduce selling of crude oil, he said.

Increasing the volume of foreign investment in the Iranian oil and gas sector is the third priority. We are planning to absorb $70 billion in the next 7-8 years, he explained.

South Pars is a joint gas field of Iran and Qatar. The field on the Iranian side holds 14 trillion cubic meters of gas and has been divided into 29 phases, Phases 1 to 8 have been developed completely, Phases 9 and 10 has been operated, but not to full capacity and Phases 11 to 29 are under construction.

During the past three years from their inauguration, Phases 9 and 10, these phases have not been developed completely and their output in total is 42mcm/d, instead of the anticipated 50mcm/d.

Development process of the phases 27 and 28 have not been started, while based on official announcement of the Pars Oil and Gas Company in April, some of the South Pars phases have been partially completed (phase 13 by 61 percent, 14 by 47 percent, 19 by 61 percent, phases 20-21 by 46 percent, and phases 22-24 by 60 percent).