Azerbaijan, Baku, Jan. 2/ Trend /
On Monday, the managing director of Iran's South Pars Gas Company announced the country's joint South Pars field holds 7.5 billion barrels of oil, the Islamic Republic News Agency (Irna) reported.
While attending the signing of a contract to drill two delineation/development wells in the South Pars field's oil layer, Mousa Souri said the field's oil is heavy crude.
The $182 million contract was signed with Global Petro Tech, an Iranian company.
As Iran continues to struggle with speeding up its gas production as South Pars, another contract was signed with to study how to optimize Iran's operations and production in the joint gas field. That contract was signed with Pardis Technology Park.
Iran and Qatar shares the South Pars gas field. The Iranian share which is divided into 29 phases, accounts for about 14 trillion cubic metres of gas, or about eight per cent of the total world reserves and more than 18 billion barrels of liquefied natural gas resources.
Qatar launched developing South Pars ten years before Iran and has intensified developing the field, while Iran suffers international sanctions and technical-financial obstacles.
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