BAKU, Azerbaijan, Nov. 16
By Elnur Baghishov – Trend:
Iran has invested $80 billion worth of investments to the Iran-Qatar joint South Pars gas field over nearly 20 years, the Managing Director of Iran's Pars Oil & Gas Company (POGC), Mohammad Meshkinfam told IRNA, Trend reports.
Meshkinfam emphasized that thus, Iran's gas extraction from the South pars gas field has increased by about 2.5 times over the past seven years (the current government in Iran has been in power since 2013).
The director added that Iran's gas extraction from this gas field amounted to about 280 million cubic meters daily in 2013. This figure amounts to 630 million cubic meters daily, at present. This means that about 75 percent of Iran's gas consumption is provided by the South pars gas field.
“At present, the gas is extracted from this gas field based on the needs of the country. Thus, the South Pars gas field has the potential to produce daily 700 million cubic meters of gas,” he said.
The director also noted that daily about 600,000 barrels of gas condensate were produced from rich gas extracted from the South Pars gas field.
According to Meshkinfam, the most part of the produced gas condensate is transported to Iran's Persian Gulf Star Oil Company which provided about 40 percent of Iran's gasoline consumption. This means that 40 percent of gasoline produced in Iran is supplied at the expense of South Pars gas field.
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 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).