BAKU, Azerbaijan, May 18. Research for the Arash gas field has already been completed, Iranian Oil Minister Javad Owji told reporters on the sidelines of a meeting of Cabinet of Iran on May 18,Trend reports citing IRNA.
The joint Arash gas field is located in the Persian Gulf among Iran, Saudi Arabia, and Kuwait. The field reportedly contains 20 trillion cubic feet (about 600 billion cubic meters) of gas and about 310 million barrels of oil.
Owji also pointed out that the Iranian Foreign Ministry conducts
consultations with Kuwait and Saudi Arabia to resolve the dispute
for the extraction from the field.
On March 21, 2022, Saudi Arabia and Kuwait signed an agreement on
the development of the Dorra (Arash) gas field.
According to the agreement, daily 1 billion cubic feet (about 28.3
million cubic meters) of gas and 84,000 barrels of gas condensate
will be extracted from the mentioned field.
The agreement was not unequivocally accepted by Iran, which called
for additional discussions and a settlement on the development of
the gas field.
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 1.2 trillion
barrels. With available technology and equipment, Iran can extract
340 billion barrels. Thus, 30 percent of the country's hydrocarbon
reserves are recoverable, while 70 percent remain underground.
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