Iran to increase production of South Pars gas field to 100 mcm, invest $30 billion
Some $30 billion will be invested in Iran's South Pars gas field in the current Iranian calendar year, the National Iranian Oil Company managing director (NIOC) stated.
The Iranian calendar year started on March 21, 2013. The daily gas production capacity will increase by 100 million cubic meters (mcm) by the end of the year, SHANA quoted NIOC head Ahmad Qalebani as saying on Friday.
The phases 12, 15 and 16 of the gas field will account for the lion’s share of the output increase, he noted.
Domestic manufacturers play a key role in supplying equipment to the national oil industry, so that they provide over 70 percent of the required equipment, the official added. Iran is currently producing 300 mcm per day of gas from the South Pars.
The South Pars/North Dome field is a gas field located in the Persian Gulf. It is the world’s largest gas field and is shared by Iran and Qatar.
The field’s recoverable gas reserves are estimated to be equivalent to 215 billion barrels of oil. It also holds about 16 billion barrels of recoverable condensate.
The South Pars field, which is divided into 29 phases, has about 14 trillion cubic meters of gas, or about eight percent of total world reserves.
- Iran predicts US$260 billion investment in the gas industry
- US$23 billion invested in Iran's South Pars gas field
- Iran increases South Pars output by 800,000 barrels
- Iran says still mulling South Pars gas field bids
- Making it worthwhile: Iran's South Pars field exports gas, oil to 29 countries for $1.3 billion