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Iran has been ramping up its natural gas production with the aim of increasing exports to global markets as the demand in Europe for natural gas is surging ahead of winter, an Oilprice.com report stated.
“Iran last week made it clear that it is ramping up its gas production operations at the supergiant South Pars natural gas field, with a focus on its controversial Phase 11,” the report read.
“The activities of the South Pars phase 11 development project are underway, and this winter gas from phase 11 will be available,” Head of Iran’s National Iranian Oil Company (NIOC) Mohsen Khojasteh-Mehr said.
Last week, a senior official with Pars Oil and Gas Company (POGC), which is in charge of developing Iran’s giant South Pars gas field, said his company was planning to drill 35 new wells to enhance and maintain gas production in the massive joint field.
Now, with the threat of sharply rising gas prices and supply failures increasing in Europe, Russia’s state-owned gas company, Gazprom, has also stated that if the EU introduces a cap on Russian gas prices, it will suspend all exports of its gas to EU countries.
Considering the possibility of the Russian gas being wiped from the European markets, Iran is expected to start exporting to Europe through third-party countries like Turkey or Iraq.
South Pars gas field, which Iran shares with Qatar in the Persian Gulf water, is divided into 24 standard phases of development in the first stage. Most of the phases are fully operational at the moment.
The huge offshore field covers an area of 9,700 square kilometers, 3,700 square kilometers of which are in Iran’s territorial waters in the Persian Gulf. The remaining 6,000 square kilometers, called North Dome, are situated in Qatar’s territorial waters.
The field is estimated to contain a significant amount of natural gas, accounting for about eight percent of the world’s reserves, and approximately 18 billion barrels of condensate.
