TEHRAN – Iran’s Pars Oil and Gas Company has reported that the volume of rich gas extracted from the South Pars joint gas field, since it’s the beginning of its development, has exceeded 1.8 trillion cubic meters.
The total amount of production from the South Pars joint field from the beginning of operation to the end of the calendar year of 1399 which ended on March 20, has reached 1,867 billion cubic meters, as well as 2.2 billion barrels of gas condensate, Pars Oil and Gas Company said.
The value of South Pars products with an investment of nearly $80 billion is estimated at $335 billion (including 18 cents per cubic meter of rich gas in 2017).
The share of Iran’s hydrocarbon reserves in the South Pars joint gas field is estimated at 14 trillion cubic meters of gas and 18 billion barrels of gas condensate in an area of 3,700 square kilometers.
The South Pars field is a natural-gas condensate field located in the Persian Gulf. It is by far the world’s largest natural gas field, with ownership of the field shared between Iran and Qatar. According to the International Energy Agency (IEA), the field holds an estimated 1,800 trillion cubic feet (51 trillion cubic meters) of in-situ natural gas and some 50 billion barrels (7.9 billion cubic meters) of natural gas condensates. On the list of natural gas fields it has almost as much recoverable reserves as all the other fields combined. It has significant geostrategic influence.