TEHRAN (Iran News) –The CEO of the National Iranian Oil Company (NIOC) said the gas from South Pars Phase 11 Project would come online in February after two decades of waiting.
According to NIOC, Mohsen Khojasteh-Mehr said the gas would come online after two decades of work in the offshore plan. Iran shares South Pars with Qatar in the Persian Gulf.
Speaking on Friday evening that the project was about to come online after two decades of work and $85 billion investment.
He further said that over 700 million cubic meters of gas is being produced from the joint gas field daily, adding that the field accounts for over 70% of Iran’s gas supply.
“Right now, $27 billion worth of projects are being implemented in the upstream part of the South Pars region,” he added.
He then pointed to the major task of the company and people in protecting national gas reserves especially in efficient consumption.
He also pointed to the jihadi and important action in the development project of Phase 11 and added that this phase for years of indecisiveness and passiveness especially in the past eight years and despite signing a contract with a foreign company has not seen any progress and even the foreign company withdrew from the contract.
He reiterated that during the 13th government and after instant actions in this field began and now drilling of four gas wells have been completed.
Khojaseh-Mehr went on to say that development of the joint Balal Field has started following the developments in the South Pars gas field.
He then pointed to the start of executive operation of developing North Pars gas field and said that with developing Kish Field and developing 13 gas fields in the onshore sector and many in other fields, some 500m cubic meters of gas will be added to the national gas production.
He also announced the start of operations of Dasht Azadegan Arvand Company for the integrated development of Azadegan Field within the next two weeks.
He noted: “NIOC owns 54% of the organizational positions of the oil industry and 47% of the industry’s human resources, and provides technical, engineering and oil and gas services in 16 operating and oil companies with 26 management and headquarters units and 6 representative offices.”
He touched on the oil and gas reserves of Iran’s oil industry: “NIOC has 158 billion barrels of crude oil equivalent and 182 billion barrels of crude oil equivalent in the gas sector, which is a total of 340 billion barrels of crude oil equivalent which is considered the first in the world.”
The NIOC CEO further said: “We rank third among national and international oil companies in the world in oil and gas production, and we manage 410 oil and gas reservoirs.”
Khojasteh-Mehr stated that one of NIOC’s achievements in the first 6 months of the 13th government’s activity was the 1mbd increase in crude oil production capacity to the levels prior to the sanctions, which cost $500 million.
The official underlined intensive negotiations with international companies in the 13th government, and added: “The most distinctive of them was the $40 billion memorandum with Russian companies, while we had extensive activities in international lawsuits.”
