Plans are underway to launch 68 semi-finished projects in the petroleum industry worth $15 billion by the end of the current Iranian year (March 2024), the oil minister said.
“By launching these projects, 130,000 barrels of oil and 40 million cubic meters of gas will be added to the country’s output,” the Oil Ministry’s news portal also quoted Javad Owji as saying.
Five petrochemical projects will also become operational across the country, which will help increase the petrochem production capacity, he added.
Currently, Iran’s daily crude oil production is 3 million barrels and natural gas output is 1 billion cubic meters, while the annual production capacity of petrochemical products is about 95 million tons.
Despite the harsh conditions caused by sanctions and related problems, including difficulties in financing or procuring some equipment, the Oil Ministry has continued to invest in the oil industry, as the driving force of the national economy.
The ongoing projects include completion of Phase 11 of South Pars Gas Field, the first phase of the development program of South Azadegan Oilfield, Isfahan Refinery’s quality improvement plan, the plan to improve the quality of Shiraz Refinery products, South Adish Refinery and gas supply projects to industries and cities.
An important point about the projects is that domestic companies will supply more than 80% of the needed equipment and goods.
“In the past few months, several projects have come on stream, including the second phase of Abadan Petro-Refinery, the refinery of the 14th phase of South Pars Gas Field, APG collection facilities and the third olefin plant,” the minister said.
SP Phase 11
Regarding the South Pars Phase 11, Owji said the project will soon be inaugurated after two decades.
Like other standard phases, the development of Phase 11 is aimed at producing 56 million cubic meters per day of gas.
Phase 11 is the only one among the 24 phases of the joint field in the Persian Gulf, which has not been developed yet. Iran shares the field with Qatar.
The Phase 11 development project included the construction and installation of jackets and topsides, drilling wells and laying 115-km-long 32-inch pipelines to transfer mono-ethylene glycol and liquefied natural gas to onshore plants for processing.
An estimated 14 million cubic meters of natural gas per day will be extracted from the phase initially.
When it becomes fully operational, the phase will also produce 75,000 barrels of gas condensate, which will be transferred to refineries in Asalouyeh and Kangan in Bushehr Province.
