TEHRAN – Iran will boost production at its South Pars gas field by 100 million cubic meters (mcm) per day in the current Iranian calendar year, which began on March 21, Iranian Oil Minister Bijan Namdar Zanganeh said on Saturday.
The prioritized phases, namely the phases 12, 15, 16, 17, and 18 of the gas field, will come on stream in the current year, he added.
Iran is currently producing 300 mcm per day of gas from the South Pars.
Iran’s Pars Oil and Gas Company will issue 20 trillion rials (about $800 million) worth of bonds in the current Iranian calendar year to fund development projects in the South Pars gas field, IRIB reported on March 3.
The South Pars gas field covers an area of 9,700 square kilometers, 3,700 square kilometers of which are in Iran’s territorial waters in the Persian Gulf.
The remaining 6,000 square kilometers, i.e. North Dome, are in Qatar’s territorial waters.
The Iranian gas field, which is divided into 29 phases, contains 14 trillion cubic meters of natural gas, about eight percent of the world’s reserves, and more than 18 billion barrels of LNG resources.
Iran’s crude oil output is forecast to increase by about 200,000 barrels per day to 4 million barrels per day, and its daily natural gas output is forecast to increase by about 100 million cubic meters per day to 400 million cubic meters per day.
On December 3, 2013, Zanganeh said Iran could boost production to 4 million barrels per day in the next Iranian calendar year if the sanctions were lifted. The country is currently exporting about 1.2 million barrels per day and has earmarked 1.5 million barrels of daily sales in the national budget for the year 1393, which includes 300,000 barrels of condensates.
Iran is estimated to hold 33.7 trillion cubic meters of natural gas and 157 billion barrels of recoverable crude oil reserves.
Thus, Iran possesses the world’s second largest reserves of natural gas and the world’s fourth largest reserves of crude oil.