The Iranian Oil Ministry has announced the signing of major contracts with domestic contractors to boost production at the South Pars gas field located off the coast of southern Iran. Under the agreements, a total of US$20bn would be invested in the pressure-boosting project, aiming to increase gas and condensates extraction from the field by 90 tcf (2,550 bcm) and 2 billion barrels respectively.
The contracts were signed between the Pars Oil and Gas Company, a subsidiary of the Iranian Oil Ministry, and the contractors, including Petropars, Oil Industries' Engineering and Construction (OIEC Group), the Khatam al-Anbiya Construction Headquarters, MAPNA Group and an Iranian consulting firm.
South Pars (or North Dome) is the world’s largest gas field and holds an estimated 1,800 tcf (51,000 bcm) of in-situ natural gas and some 50 billion barrels (7.9 bcm) of natural gas condensates. It is shared between Iran and Qatar.