BAKU, Azerbaijan, Oct. 25
By Elnur Baghishov – Trend:
Iran will become a gas importer in 4 years (March 21, 2025), if certain plans made to increase gas extraction in Iran are not implemented, new Iranian Deputy Oil Minister and the CEO of the National Iranian Oil Company (NIOC), Mohsen Khojastamehr said, Trend reports citing the company’s website.
The deputy minister stressed that certain plans are to be made for the development of 10 gas fields in the territory of the Iranian Central Oil Fields Company, including the Kish gas field, the North Pars gas field, the 11th phase of the South Pars gas field, and the Farzad A and Farzad B gas fields.
Khojastamehr added that if these plans are implemented, 366 million cubic meters daily will be added to Iran's gas extraction. For this, $54 billion worth of investment is needed.
According to the CEO, about 70 percent of Iran's gas production comes from the South Pars gas field. It is possible to prevent the natural decline in gas production to some extent by drilling new wells and taking a number of other steps
“However, the establishment of gas pressure boosting stations is an important step. About $20 billion is needed to build these stations in the Persian Gulf, and $10 billion to on land,” he said.
Khojastamehr noted that in total, Iran must spend $65-$89 billion within the plans for the development oil and gas fields on land and offshore.
As reported, the South Pars gas field (called North Dome in Qatar) 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's share in the field is 14 trillion cubic meters of gas and 18 billion barrels of gas condensate. Iran has so far spent $90 billion on projects of the South Pars gas field.
The phases of the South Pars gas field are located in an area of 3.7 km. Iran has extracted more than 1.8 trillion cubic meters of gas and 2.2 billion barrels of gas condensate worth $335 billion by the end of last Iranian year (March 20, 2021).
Reportedly, Iran is to spend $25-$30 billion to maintain extraction from the South Pars gas field. Iran extracts daily 700 million cubic meters of gas from this field.
---
Follow the author on Twitter:@BaghishovElnur