News Iran Iran Not Lagging Behind Neighbors in Joint Oilfields: Minister

Iran Not Lagging Behind Neighbors in Joint Oilfields: Minister

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Iran Not Lagging Behind Neighbors in Joint Oilfields: Minister

Addressing a parliament session on Tuesday, Zanganeh said the administration has prioritized development of the joint oilfields considering the sanctions over the past 7 years.

Iran is not lagging behind the neighbors in the joint oilfields, the minister underlined, saying the output at the West Karun oilfields has risen from 70,000 to 400,000 bpd.

He also pointed to a jump in the South Pars gas field output, saying the large complex is now producing 700 million cubic meters of gas per day.

Zanganeh said his ministry is resolved to increase oil and gas production in the joint fields, boost gas exports, support domestic knowledge-based companies and deal with the oil sanctions.

The oil minister had announced before that Iran’s daily extraction of natural gas from the South Pars gas field has overtaken Qatar’s daily output from the joint field.

South Pars, whose development has been divided into 28 phases, is located in the Persian Gulf straddling the maritime border between Iran and Qatar.

It covers an area of 9,700 square kilometers, of which 3,700 square kilometers belongs to Iran.

It is estimated that the Iranian section of the field contains 14 trillion cubic meters of gas and 18 billion barrels of condensates in place.

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