Tehran, Iran, October 2
By Mehdi Sepahvand –- Trend:
Some $20 billion is required to prevent a depressurization at the South Pars field, according to Pars Oil and Gas Co. CEO Mohammad Meshkinfam.
He said the investment is required at the offshore part of the South Pars and it is necessary to prevent a decline in the field’s output, SHANA news agency reported October 2.
Underdeveloped due to harsh sanctions, Iran’s oil industry has been unable to tap the country’s resources as it should have. Many wells that date back to pre-sanctions times are also nearing their old age and decline of output.
According to two official documents obtained by Trend, Iran has re-injected about 580.810 billion cubic meters (bcm) of gas to 24 oil fields from 1996 to 2015, while the needed amount was 1,270 bcm.
Iran hasn't operationalized any new oil field since 2007. Some 17 of the mentioned 24 fields, prioritized for gas re-injection, were producing 3.7 million barrels per day (mb/d) in 1979, but the figure plunged to 1.75 mb/d in mid 2000s and continued to decline.
Some 80 percent of Iran's active oil fields are in their second half-life and lose 8-12 percent of their output naturally each year. Iran needs extra 942.795 bcm of gas (or 287 mcm/d) re-injected to the current oil fields during 2016-2024, which is about three times more than the current level.