BAKU, Azerbaijan, October 31. Iran aims to earn $500 billion by implementing the plan to increase pressure in the world’s largest gas field, South Pars, which it shares with Qatar, Iranian Deputy Oil Minister and the CEO of the National Iranian Oil Company (NIOC), Mohsen Khojasteh Mehr, said, Trend reports.
Iran shares the ownership of the South Pars gas field with Qatar. Iran's share of the field stands at about 33 percent. The country has been developing the field since 2002, investing a total of about $90 billion in its development. Iran's share of the field is divided into 24 phases, each of which is developed separately. Iran is developing its share of the field through its domestic workforce, while Qatar's part is mostly handled by foreign companies.
Reportedly, Iran currently produces a total of 700 million cubic meters of gas per day from this field.
Khojasteh Mehr said that Iran plans to spend $20 billion to increase pressure in the field over the next 10 years. This will add 100 trillion cubic feet (about 2.83 trillion cubic meters) of gas to Iran’s production.
He said that the plan involves 20 platforms and 60 turbocompressors.
He also warned that the production from the field will drop significantly after 4 years (as of March 21, 2027) at the current rate. By 2036, the field will produce only half of its current output. This will cause a serious imbalance in gas production and supply in the country.
According to conducted research, the South Pars gas field’s gas production will decline sharply after 4 years (from March 21, 2027) at the current rate. So, the field will cut its gas output by about 40 million cubic meters per day. The field will produce only 50 percent of its current gas by 2036. This will lead to a big gap in gas production and supply in the country.
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.
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