Asaluyeh(POGC) -- The CEO of the National Iranian Oil Company (NIOC) said with a $4-billion investment in the development of the North Pars field, 100 million cubic meters per day of gas will be produced from the field.
During a meeting with senior oil executives operating in South Pars on Thursday evening, Mohsen Khojastehmehr said a total of $81 billion has so far been invested to develop the massive offshore gas field, adding, however, there is still a need for fresh investment in the field for production of gas as well as other items.
Noting that continuation of production is much more important than the beginning of production, he added: “To continue exploiting these reserves, we must invest in all areas.”
The CEO of the National Iranian Oil Company said several plans have been defined for the new NIOC missions, and added: "The country's need for gas consumption and export requires us to develop new underground resources."
Khojastehmehr announced the approval of the North Pars field development plan in the presence of the Minister of Petroleum in the board of directors of the National Iranian Oil Company, and said: “The development of a new gas production hub in this region, called the development of the North Pars field, is equivalent to the four standard phases of South Pars and requires an investment of about $4 billion.”
According to him, at the end of development, about 100 million cubic meters of gas will be produced from this field.
He said appraisal studies of the North Pars field have been started by Pars Oil and Gas Company with the approval of the NIOC board of directors, stating: “Development of the North Pars field can help raise the level of employment, and we are looking to create spatial planning while implementing this $4-billion project, and this is the meaning of balanced development that we are talking about.”
Phase 11 and Kish Gas Field Development
Khojastehmehr, stating that NIOC plan in South Pars field is not over, pointed to the development of phase 11 project with about 50 million cubic meters of daily gas production and said: "Given the mechanism designed to accelerate this project, we hope to produce gas from this phase by the end of next calendar year."
He mentioned the development of the Kish gas field as another project of the National Iranian Oil Company, and said plans are under way to bring on stream the first phase of the field by early 2023.
Khojastehmehr said 14 wells have been drilled in Kish gas field and a 200-km pipeline is planned to be laid to produce 28 million cubic meters/day of gas from the field.
He also went on to add that a total of 11 billion dollars was needed to fully develop all phases of the supergiant South Pars gas field.
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 metres) of in-situ natural gas and some 50 billion barrels (7.9 billion cubic metres) 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.