Iran leads in gas extraction from South Pars, outperforming Qatar
Date
6/23/2024 5:45:12 AM
(MENAFN) Iranian Oil Minister Javad Oji announced significant milestones in gas extraction from the South Pars field, surpassing Qatar by 100 million cubic meters (mcm), as reported by an Iranian news agency. This achievement positions Iran at the forefront among Gas Exporting Countries Forum (GECF) members in terms of production growth, with a notable five percent increase compared to the forum's average of 2.5 percent.
Speaking at a press conference, Minister Oji highlighted Iran's unprecedented gas production record and its leadership in extracting 75 to 100 million cubic meters more than Qatar from the South Pars joint field. This field, located in the Persian Gulf and shared by both countries, is renowned for its substantial reserves, comprising approximately eight percent of the world's natural gas and about 18 billion barrels of condensate. Divided into 24 phases, South Pars covers 9,700 square kilometers, with 3,700 square kilometers falling within Iran's territorial waters and the remaining 6,000 square kilometers in Qatar's North Dome region.
Underlining efforts to enhance production efficiency, the Iranian oil ministry has secured USD20 billion in agreements with major entities aimed at improving well recovery factors within the field. These initiatives underscore Iran's strategic focus on maximizing the potential of South Pars, reinforcing its pivotal role in global energy markets.
Iran's advancements in gas extraction not only underscore its technological prowess but also its determination to capitalize on natural resources for economic growth and energy security. The country's continued leadership in gas production within the GECF framework reflects ongoing efforts to strengthen its position as a key player in the international energy landscape.
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