BAKU, Azerbaijan, Oct. 14
By Elnur Baghishov – Trend:
Iran will invest $4.5 billion on the development of gas fields in the Fars Province (southern Iran) over the next four years, Iranian Oil Minister Javad Owji told reporters during his visit to the province, Trend reports citing Shana News Agency.
The minister noted that with the development of gas fields in the Fars Province, more than 110 million cubic meters will be added to the province’s daily gas extraction capacity, thus, the capacity will reach about 230 million cubic meters per day.
Owji added the Fars Province ranks second in Iran after the Bushehr Province in terms of gas reserves. About 114 million cubic meters of gas daily can be extracted in this province.
He also said that the province has been lacking investments in the past few years. So, 6 gas fields have been developed in the province, while 7 fields have not been developed yet.
There are currently 74 oil and 22 gas fields in Iran. So, 37 oil fields are operating in the territory of the National Iranian South Oil Company (NISOC), 14 fields – Iranian Central Oil Fields Company (ICOFC), 5 fields – Arvandan Oil and Gas Company (AOGC), and 18 oil fields – Iranian Offshore Oil Company (IOOC).
In addition, 5 gas fields are operating in the territory of the NISOC, 13 fields – the ICOFC, 1 field – Pars Oil and Gas Company (POGC), and 3 gas fields – the IOOC.
Iran’s total hydrocarbon reserves are estimated at 836 billion barrels. With available technology and equipment, Iran can extract 239 billion barrels. Thus, 29 percent of the country's hydrocarbon reserves are recoverable, while 71 percent remain underground.
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