Minister:

Increasing Oil, Gas Production from Joint Fields, Iran’s Priority

TEHRAN (defapress) – Iranian Oil Minister Bijan Zanganeh made assurances that his ministry is determined to increase oil and gas production from joint fields with neighboring countries.

News ID: 68473

Date: 04 February 2018 - 22:24

Speaking to reporters in Tehran on Sunday, Zanganeh pointed to the country’s gas production in the South Pars gas field and said during the Iranian month of Dey last year (December 21, 2016 – January 19, 2017), 470 million cubic meters of natural gas were produced per day in the joint field.

He added that during the same month in the current Iranian year (December 22, 2017 – January 20, 2018) the daily production of gas from South Pars has reached 553 million cubic meters.

The Iranian oil minister emphasized that increasing the volume of extraction from joint fields is one of the top priorities of the ministry.

The minister also pointed to the country’s production of crude oil and gas condensate and said the average production during the past ten months has increased by 165,000 barrels per day compared to the same period last year.

Back in April 2017, the South Pars Phases 17, 18, 19, 20 and 21 were inaugurated by Iran’s President Hassan Rouhani.

According to Zanganeh, Iran is on pace to boost gas production to 1 billion cubic meters a day by March 2019, roughly the same time that all South Pars phases are planned to be up and running.

The gas field, whose development has been divided into 28 phases, is located in the Persian Gulf straddling the maritime border between Iran and Qatar.

It covers an area of 9,700 square kilometers, of which 3,700 square kilometers belongs to Iran.

It is estimated that the Iranian section of the field contains 14 trillion cubic meters of gas and 18 billion barrels of condensates in place.