Iranian President Hassan Rouhani formally inaugurated four new phases of South Pars, the world’s largest gas field, on March 17, according to a statement posted by the Iranian oil ministry on Twitter.
Iran has invested $11 billion to complete the four phases and they will increase the country’s gas production capacity by up to 110 million cubic meters per day (MMcm/d), the statement said.
Iranian Oil Minister Bijan Zanganeh said on Saturday that Iran, which share South Pars with Qatar, expects to operate 27 phases by next March.
Gas production at South Pars will exceed 750 MMcm/d) by late 2019, Zanganeh said on March 17, according to SHANA, the news website of the Iranian oil ministry.
Iran produced 841 MMcm/d on average in the current Iranian calendar year, which began in March 2018, Zanganeh said on March 17, according to the Mehr news agency.
Iran expects to produce 880 MMcm/d in the next year and 950 MMcm/d the following year, Zanganeh said.
France’s Total and China National Petroleum Corp (CNPC) suspended investment in phase 11 of South Pars last year after the United States threatened to impose sanctions on companies that do business in Iran.
Zanganeh said on March 16 that talks are continuing with CNPC.
US Emergency Oil Reserves Fall to Lowest Level in 40 Years
2023-04-17 - U.S. Strategic Petroleum Reserve feel by by nearly 1.6 MMbbl the week of April 10, Department of Energy data shows.
What's Affecting Oil Prices This Week? (March 27, 2023)
2023-03-27 - While still facing some headwinds, Brent crude prices have recovered a portion of the significant downturn that occurred last week, ending the week at $74.99 after closing the previous week at $72.97.
What's Affecting Oil Prices This Week? (April 24, 2023)
2023-04-24 - The price of Brent crude ended the week at $81.58 and the price of WTI ended the week at $77.87.
What's Affecting Oil Prices This Week? (April 17, 2023)
2023-04-17 - The price of Brent crude ended the week at $86.31 and the price of WTI ended the week at $82.52.
What's Affecting Oil Prices This Week? (April 10, 2023)
2023-04-10 - Prices this week aligned with Stratas' expectations that the price of Brent crude would hit resistance at $86 and WTI would hit resistance at $82.