South Pars to get $16B investment

Tuesday, May 21, 2013

Iran will invest US$16 billion to develop the offshore South Pars gas complex over the next 10 months, a natural gas company director said. Pars Oil and Gas Co. Managing Director Mohammadreza Zahiri said that most of the funding will come from domestic sources, though Iran aims to attract more foreign and domestic development at South Pars and other fields to boost its own gas production.

The South Pars field is divided into 29 phases, and contains approximately 14 tcm of gas, or about 8% of total world reserves.

 “According to the plans, the country’s gas production capacity will rise by 100 MMcm/d by the end of the year, a large part of which will be produced in South Pars phases 12, 15, and 16,” said National Iranian Oil Company (NIOC) Managing Director, Ahmad Qalebani.

Last year, Managing Director of Petro Iran Co., Saeed Hafezi said that the Marine-1 drilling rig had entered South Pars Gas Field area to start drilling in the oil layer of the field.

The rig will drill 12 wells in Phase 20 of the South Pars gas field after completing its operations in the oil layer. These wells will be drilled with the aim of production of at 35,000 bo/d, an NIOC official said.

The largest and final jacket of the field, phase 19, was set up in its specific place in depth of 72-m in the Persian Gulf. Phase 19 operator, Hamid Reza Masoudi, said the phase includes four main and satellite platforms and aims to produce 56,500 m3/d  of gas.

In order to speed up development of the field’s phases, foreign exchange investments in South Pars gas field could reach $30 billion, Qalebani said. The country is making efforts to attract more foreign and domestic investments, especially in South Pars, in pursuance of boosting gas production.

The South Pars/North Dome is the world’s largest gas field and is shared by Iran and Qatar. The field’s recoverable gas reserves are estimated 215 billion bbls of oil. It holds about 16 bbls of recoverable condensate.

Categories: Offshore Middle East Drilling Activity Iran Production

Related Stories

ExxonMobil Looks to Sell Australian Assets

What Became of the Toisa OSV Fleet?

Icon Offshore Wins Petronas Contract

New Age Sells Stake in Marine XII

Jan De Nul Enters French Offshore Wind Market

ClampOn: Ultrasonic Intelligent Sensors

VAALCO Spuds Etame Appraisal

Equinor Finds Gas in the Norwegian Sea

Utgard Comes on Stream

Monitoring, and Addressing, Crude Quality in Real-time

Current News

Australia Reviewing Equinor Environmental Plan

Equinor, SSE Win Contract for Largest Offshore Wind Project

Liberator Pilot Well Plugged and Abandoned

Petrofac Sells Mexico Assets to Perenco

Petronas Q2 Profit Rises 8%

Allseas Scores Gyda Platform Removal Job

Monitoring, and Addressing, Crude Quality in Real-time

Dominion to Build Largest US Offshore Wind Farm

Maersk Drilling Rig Extended by Equinor

IUMI Reports Cut in Offshore Insurance Premiums

Subscribe for OE Digital E‑News

OE Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week