Iran reveals amount of funds spent on South Pars gas field
BAKU, Azerbaijan, September 15
By Elnur Baghishov – Trend:
Iran has invested $150 billion to the Iran-Qatar South Pars gas field (called North dome in Qatar) so far, Iranian Oil Minister Bijan Zanganeh said in a speech to parliament, Trend reports referring to the Iranian Parliament’s official website.
The minister noted that as a result of it, the work has been completed on all phases of Iran's South Pars gas field, with the exception of one phase, and extraction continues.
Zanganeh added that given that the extraction from South Pars gas field will decline in the future, $1 billion is needed to prevent a decline in extraction.
According to him, Iran's extraction from the South Pars gas field was about 280 million barrels per day seven years ago (from March 21, 2013 to March 21, 2014). At present, this figure has risen to 700 million barrels per day.
"Currently, Iran's extraction from the South Pars gas field is higher than that of its neighbor (Qatar). Despite that Iran's reservoir is smaller," he said.
The South Pars gas field 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 has 24 phases in this field and the 11th phase is being developed. As reported, Iran's extraction from this field will start to decrease significantly after 5 years. Around 75 percent of Iran's gas is supplied by this field.
Iran extracted 570 million cubic meters of gas per day from this field in the last Iranian year (from March 21, 2019 to March 20, 2020).