Iran’s oil minister said completion of new development phases at the South Pars gas field will help the country to raise extraction of gas from the joint offshore field to a level equal to that of Qatar by next March.
Iran is catching up with Qatar and has plans to extract the same amount of gas from South Pars after finishing the remaining work at 5 phases of the field by March 2017, Bijan Namdar Zanganeh announced.
According to the minister, Iran’s crude production will also hit 4 million barrels a day at the end of the current Iranian year (March 20, 2017).
The Oil Ministry says completion of the new phases of South Pars will raise the country’s extraction of gas by 100 million cubic meters, making that equal to Qatar’s extraction from the joint field.
The South Pars gas field is one of the largest gas reservoirs in the world lying on the territorial border between Iran and the Persian Gulf state of Qatar. It is one of Iran’s main energy resources.
This gas field covers an area of 9,700 square kilometers, of which 3,700 square kilometers belongs to Iran.