BAKU, Azerbaijan, January 7. New oil and gas reservoirs and a number of petrochemical facilities at a cost of $8 billion are expected to be put into use in Iran by the end of the current Iranian year (March 20, 2023), Iranian Oil Minister Javad Owji said, Trend reports referring to Shana News Agency.
The minister noted that currently, a part of the mentioned reservoirs and facilities are ready for put into use, and the rest will be ready for use by the end of the current Iranian year.
“Among the reservoirs and facilities to be put into use in the country, the 11th phase of the Iran-Qatar joint South Pars gas field (called North Dome in Qatar), can be specially mentioned. The situationof this reservoir remained unknown for almost 20 years. With the launch of the first part of this phase in the winter season, 14 million cubic meters of gas will be produced daily,” Owji said.
According to him, one of the important facilities to be launched in the country is the 14th gas refinery of Iran’s South Pars Gas Company (SPGC). Thus, 3 units of the mentioned refinery are expected to be launched by the end of the current Iranian year.
“Since the current government took office in Iran (August 2021), a number of contracts and memorandums of understanding worth $110 billion have been signed in the country to increase oil and gas production, as well as increase gasoline and diesel production, collect flare gas, build new petrochemical facilities, etc. At present, the mentioned contracts and memorandums of understanding are being implemented”, the minister added.
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.
Over the last Iranian year (March 21, 2021 through March 20, 2022), Iran produced a total of 231 billion cubic meters of rich gas from the South Pars gas field.
In 2017, the project to develop the 11th phase of the South Pars gas field was entrusted to France's Total, China's CNPCI and Iran's Petropars. However, the foreign companies have refused to carry out operations at the 11th phase of the South Pars gas field as a result of US sanctions against Iran. As a result, the operations at this phase were fully entrusted to the Petropars Operation and Management Company (POMC).
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 – by the Iranian Central Oil Fields Company (ICOFC), 5 fields – by 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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