News ID: 315217
Published: 0155 GMT August 02, 2021

Official: $25b investment made for developing South Pars field

Official: $25b investment made for developing South Pars field

Managing Director of South Pars Oil and Gas Field Mohammad Meshkinfam said that $25 billion worth of investment were made in eight years for developing the field.

Meshkinfam said on Sunday that over $10 billion of investment were made for developing offshore facilities, IRNA reported.

He added South Pars field produces 700 million cubic meters of natural gas every day.

The figure has experienced a 2.5-fold growth compared with eight years ago, he noted.

Meshkinfam noted that there are 336 wells in South Pars, 70 percent of which has become operational.

He went on to say that a total of 3,200 kilometers of offshore pipelines were installed to send natural gas from platforms to onshore refineries.

Meshkinfam stressed that all offshore activities in South Pars field are carried out by Iranian contractors and experts.

The huge South Pars field covers an area of 9,700 square kilometers, 3,700 square kilometers of which are in Irans territorial waters. The remaining 6,000 square kilometers, called North Dome, are situated in Qatars territorial waters.

The field is estimated to contain a significant amount of natural gas, accounting for about eight percent of the worlds reserves, and approximately 18 billion barrels of condensate.

The development of the South Pars field started in 1998 and 29 different phases were defined for the project along with a separate oil block. The field, however, is currently divided into 24 standard offshore phases, the output of which is processed by 14 gas refineries on land.

Since the beginning, the fields development project has gone through so many ups and downs and many foreign and domestic companies have contributed to the completion of the fields various phases.

Frances Total, Italys Eni, Malaysias Petronas, Russias Gazprom, Norways Statoil, and the China National Petroleum Corporation (CNPC) are some of the foreign companies which have worked on the field for different phases and in different time spans.

Despite all the US pressures which led to the departure of almost all of the foreign companies from the project, and despite all the technical and engineering problems faced in the process, Iran has managed to proudly finish the development of almost all the phases of the field and even the fields oil layer is also producing nearly 50,000 barrels per day of oil.

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