BAKU, Azerbaijan, September 5. In total, $4 billion is estimated to be spent on the development of the second part of the 11th phase of the Iran-Qatar joint South Pars gas field, CEO of Iran’s Pars Oil and Gas Company (POGC), Mohammad Hossein Motajalli said, Trend reports.
The 11th phase of the South Pars gas field has been divided into two parts for the purpose of faster development. Part one of the platform was officially launched on August 28, 2023. Reportedly, 10-12 million cubic meters of rich gas is currently produced here.
Motajalli noted that operational work for the development of the 2nd part of the 11th phase is underway. It is planned to complete the preparation of the platform and the installation of support devices by the end of the current Iranian year (March 19, 2024).
“In the next Iranian year (March 20, 2024 through March 20, 2025) Iran will start drilling new wells on the 11th phase. It is planned to put the 2nd platform into operation within the next 3 years,” he added.
The CEO also said that with the launch of the 2nd platform, a total of 56 million cubic meters of rich gas is expected to be produced daily from the 11th phase.
According to him, the value of the products to be sold by processing the rich gas produced from the 11th phase will be $5 billion per year according to current figures.
"Thus, 705 million cubic meters of gas will be stably produced daily from Iran's South Pars gas field," Motajalli pointed out.
The South Pars gas field (called North Dome in Qatar) is a joint gas field between 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.
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).
Iran stands second in the world for gas reserves, with about 34 trillion cubic meters of gas. Reportedly, Iran's gas production capacity is more than 1 billion cubic meters. Iran exports only a small portion of the gas produced in the country, about 6 percent.
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