BAKU, Azerbaijan, November 21. The current Iranian government has spent $28.5 billion to develop the country's oil and gas sectors since took office in August 2021, Iranian Oil Minister Javad Owji said, Trend reports.
“The previous government (August 2017 through August 2021) had initiated 132 projects to develop the oil and gas sectors, but they were not fully completed. The current government has finished these projects, which include the development of the 11th phase of the South Pars gas field, the construction and launch of the 14th refinery of the South Pars Gas Company (SPGC), and the installation of a new pipeline in the 16th phase,” he noted.
The minister added that these projects have increased the daily gas production from the South Pars gas field by 50 million cubic meters compared to the start of the current government.
Owji also said that the current government has prepared and started 50 new projects worth $47.5 billion to maintain and increase the production capacity in the oil and gas sectors
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.
Owji also said that during the mentioned period, 50 new projects involving the spending of funds worth $47.5 billion to maintain and increase of production capacity in the oil and gas sectors were prepared and operations within these projects were started.
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 of the Iranian Central Oil Fields Company (ICOFC), 5 fields of the Arvandan Oil and Gas Company (AOGC), and 18 fields of the Iranian Offshore Oil Company (IOOC).
In addition, 5 gas fields are operating in the territory of the NISOC, 13 fields are operated by the ICOFC, 1 field is operated by Pars Oil and Gas Company (POGC), and 3 gas fields are operated by the IOOC.
Iran’s total hydrocarbon reserves are estimated at 1.2 trillion barrels. With the 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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