Iran's Petropars Company announces cost of oil-gas projects

Oil&Gas Materials 16 May 2022 09:08 (UTC +04:00)
Iran's Petropars Company announces cost of oil-gas projects
Elnur Baghishov
Elnur Baghishov
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BAKU, Azerbaijan, May 16. Iran's Petropars Operation and Management Company (POMC) has implemented $32 billion worth of oil and gas projects since its inception in 1998, the Executive Director of the POMC, Shamsaddin Mousavi told reporters, Trend reports citing Shana News Agency.

He made the remark on the sidelines of the 26th International Oil, Gas, Refining and Petrochemical Exhibition in Tehran on May 14, 2022.

According to Mousavi, as a result of the implementation of these projects, Iran currently earns $16 billion a year from the sale of oil, gas and gas condensate.

The director also added that the company is currently implementing projects worth about $10 billion. These projects are related to the development of the 11th phase of the South Pars gas field, Azadegan oil field, Forouzan oil field, Bilal oil field, Farzad B gas field.

“A total of 12 wells will be drilled in the 11th phase of the South Pars gas field. Of these, 4 wells are planned to be drilled in the current Iranian year (March 21, 2022 through March 20, 2023). The goal is to extract about 400-500 million cubic feet (about 11.3-14 million cubic meters) of gas per day from this phase,” he said.

In addition, work is underway to increase extraction from the South Azadegan oil field to 66,000 barrels per day. So, 3 more drilling rigs have recently been brought to the field, and the total number of drilling rigs has reached 7, Mousavi noted.

The director pointed out that at present, Iran's Petropars Company is implementing projects abroad. The company has experience in developing oil fields in Venezuela and Angola.

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's Azadegan oil field is located 80 km southwest of Ahvaz city in the Khuzestan Province (south-western Iran). It is estimated that the field contains about 32 billion barrels of oil. In Iran, this field is usually divided into two parts - North Azadegan and South Azadegan.

At present, crude oil extraction from Iran's South Azadegan oil field is 85,000 barrels daily. The field contains 28.2 billion barrels of crude oil, of which 1.6 billion barrels can be extracted.

According to the first plan for the development of this field, daily 320,000 barrels of crude oil and 197 million cubic feet (about 7 million cubic meters) of natural gas will be extracted from the field.

According to the second plan, daily 280,000 barrels of crude oil will be extracted from the field. In total, 600,000 barrels of crude oil daily will be extracted from the Azadegan oil field.


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