Sep 22, 2019, 2:09 PM
Journalist ID: 2078
News Code: 83485672
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Iran to outpace rivals in gas production

Tehran, September 22, IRNA- Iran is competing with neighboring Qatar in gas production at the world’s largest gas field, South Pars and as Oil Minister Bijan Namdar Zanganeh has said, Tehran is going to outpace Doha in terms of production of gas from the joint field.

By the end of 2008, Qatar’s cumulative production from the field was two times higher than Iran’s cumulative production. Qatar produced about 570 billion cubic meters of natural gas in the period of 1997 to 2008, while Iran produced about 280 billion cubic meters of natural gas in the period of 2003 to 2008.

Iran’s oil minister noted that the daily output of natural gas from the common reserve in the Iranian installations is set to hit 790 million cubic meters, much higher than Qatar’s daily production of 620 million.

Zanganeh pledged that Iran will complete the phases 13, 22, 23 and 24 of the South Pars gas field by March 2020, and will also finish the offshore section of phase 14.
The development project of the $4.8bn South Pars phase 11 has undergone significant changes following Washington’s decision to withdraw from the Joint Comprehensive Plan of Action (JCPOA), popularly known as the Iran nuclear deal, in May 2018. Iran signed a contract with Total in 2017 for developing the phase 11 with an initial investment of $1 billion, marking the French company the first major Western energy investor in the country after sanctions were lifted in 2016. However, France’s Total and China National Petroleum Corp suspended investment in South Pars last year after the United States threatened to impose sanctions on companies that do business in Iran. The Islamic Republic has managed to expand other phases of South Pars on its own, having already invested billions of dollars into the endeavor.

South Pars gas field, located in the Iranian waters of the Persian Gulf, forms the northern half of a super-giant offshore gas field called the North Dome field or the North field in Qatar.
Estimated to hold eight percent of the world’s total gas reserves and almost approximately 50% of Iran’s domestic gas reserves, South Pars is considered to be the world’s biggest gas field by reserves. The huge gas field measures 9,700 square km in the area while the Iranian section measures 3,700 square km in area. Iran’s section is estimated to hold about 14 trillion cubic meters of gas plus 18 billion barrels of liquefied natural gas (LNG).

The field commenced production in 2002 and continues to be developed in multiple phases by the Pars Oil and Gas Company, a subsidiary of the National Iranian Oil Company (NIOC).

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