Iran Speeding Up South Pars Gas Field Development

Iran is working at a great speed to develop its giant South Pars natural gas field, amid hopes of relief from sanctions, reports news agency AFP.

"We would welcome foreign companies and investors if they want to come back," said Hamid Reza Massoudi, chief engineer at an unfinished South Pars refinery near the town of Assaluyeh, reports AFP. 

The gas field, located in the Persian Gulf is shared by Iran and Qatar. Iran calls it South Pars gas field and Qatar has named it North Dome field. 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.

Iran is unable to fully exploit its share due to lack of technology, a result of sanctions imposed on the country.

But President Hassan Rouhani's stated ambition to resolve the dispute with the West over Iran's nuclear drive has raised hopes of relief from financial sanctions and embargoes that have drastically curtailed oil production and vital exports, adds AFP. 

Oil Ministry officials tell AFP four plants in the field are near completion. 

Among them is Phase 12, one of the largest in South Pars, that once fully operational could produce 81 million cubic metres of gas daily, adds the news agency. 

Qatar has also offered to help Iran in developing  its share of the world's biggest gas field so both countries can reap the maximum long-term rewards. Qatar has imposed moratorium on its side of the field on new development to avoid overproduction.

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