Iran to Prioritise Development of Joint Oil, Gas Field

Iran will mainly focus on developing oil and gas fields it shares with neighbouring countries, stated President Hassan Rouhani.

“Currently, our priority is recovery from joint oil and gas fields and to that effect the administration is determined to fully develop the giant offshore South Pars gas field before its terms ends in 2017,” Rouhani said on Saturday, according to Shana News.

Iran shares many oil and gas fields with neighbouring countries such as Iraq, Qatar, Kuwait and the United Arab Emirates.

South Pars gas 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 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.