Jul 11, 2021, 2:35 PM
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News Code: 84400292
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Cumulative gas extraction from South Pars Field exceeds 1.8 tcm

Tehran, IRNA - Pars Oil and Gas Company announced that cumulative volume of rich gas production from Joint South Pars Gas Field exceeded 1.8 trillion cubic meters this year.

The company said in a release on Sunday that the aggregate amount of total gas production from Joint South Pars Gas Field from early inauguration until the end of the Persian year 1399 (March 2021) reached 1,867 billion cubic meters.

Since the development of the field commenced, 2.2 billion barrels of gas condensate has been produced from the field, the release added.

Having absorbed 80 billion dollars of investment, the field has produced 335 billion dollars of products ($0.18 per one cubic meter of rich gas in 2017).

Iran’s share of hydrocarbon reserve in the joint field has been estimated to amount to 14 trillion cubic meters of gas and 18 billion barrels of condensate in an area spanning 3,700 square kilometers.

Several phases of the joint field were incomplete until recent years, but when the current administration took office, the Oil Ministry prioritized joint phases of the field, as Qatar had significantly outpaced Iran in extracting hydrocarbon reserves in joint fields.

Iran’s Oil Ministry managed to complete the phases 12, 13, 15, 16, 17, 18, 19, 20, 21, 22, 23 and 24 during the last 8 years so that Iran is now extracting gas products from all the phases of South Pars Gas Filed (except phase 11).

In 2019, Iran managed to overtake Qatar in extracting gas from the joint fields with 700 million cubic meters of daily extraction. This achievement was accomplished while Qatar’s share of the field ownership is two times bigger that Iran’s.

South Pars Gas Field as the hub of energy in Iran enjoys varied valuable resources for Iran economy and is now serving as the largest center of industrial development in the country and the main driver of the country’s economic development.

In addition to meeting domestic gas demand, the hub earns the country tens of billions of dollars on a yearly basis by making hundreds of thousands of sustainable jobs.

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