Iran plans to invest $ 11 billion in offshore gas field development

TEHERAN – The head of the National Iranian Oil Company (NIOC) has announced that his company plans to increase the country’s natural gas production by 240 million cubic meters (mcm), requiring an investment of $ 11 billion, according to the Pars portal Oil and Gas Company (POGC) reports.

“We will invest about $ 11 billion in offshore fields to expand the country’s gas production capacity by about 240 million cubic meters,” Mohsen Khojasteh-Mehr said Thursday on the sidelines of a visit to Phase 14 of the South Pars gas field in the south Iran.

Khojasteh-Mehr said NIOC’s programs include developing the North Pars gas field as the country’s new gas hub.

The official mentioned his company’s plans to increase the country’s gas production capacity to make up for gas shortages for domestic consumption and export, saying, “We have put development plans on the agenda to supply the gas the country needs, including development from North Pars gas field, which corresponds to four phases of South Pars. “

He also noted the development of the first phase of the Kish gas field as another priority for the NIOC, saying, “Accelerating the completion of phase 11 of South Pars and harnessing the capacity of the country’s onshore fields will also be part of the plans increase gas production. “

Iran holds nearly 18 percent of the world’s gas reserves and is one of the most hydrocarbon-rich areas in the world, and the country’s vast South Pars gas field (which Iran shares with Qatar in the Persian Gulf) is by far the world’s largest natural gas field.

South Pars covers an area of ​​9,700 square kilometers, of which 3,700 square kilometers are in the territorial waters of Iran and the remaining 6,000 square kilometers, called the North Dome, are in the territorial waters of the Arab country.


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