24 July 2018 - 11:09
  • News ID: 283838
North Pars Up for $16bn Investment

TEHRAN (Shana) -- The North Pars gas field is located 120 kilometers southeast of Bushehr Province in the Persian Gulf waters. The field contains more than 57 tcf of gas in place. The investment required for the development of North Pars is estimated at more than $16 billion: $5 billion for upstream and 411 billion for downstream (LNG plants) sectors.

 

TEHRAN (Shana) -- The North Pars gas field is located 120 kilometers southeast of Bushehr Province in the Persian Gulf waters. The field contains more than 57 tcf of gas in place. The investment required for the development of North Pars is estimated at more than $16 billion: $5 billion for upstream and 411 billion for downstream (LNG plants) sectors.

North Pars was discovered in 1963 through 3D seismic testing, after which six exploration and appraisal wells were decided to be drilled for development. During the years leading to the 1979 Islamic Revolution, Exxon and Landess were in charge of designing activities and building installations for North Pars. All operations were halted after the Islamic Revolution victory.

The point is that at the time of discovery, North Pars was known to be the largest gas reservoir in Iran and naturally investment was made in it at a large pace.

However, after the discovery of the giant offshore South Pars gas field, North Pars was delegated to the second ranking.

Now that the development of South Pars is getting complete, it is North Pars' turn to undergo development.

So far, 16 wells have been drilled in North Pars, but development and production operations are yet to start there.

North Pars, whose production capacity equals that of four phases of South Pars, would be able to supply 3,600 mcf/d of gas, which would require the drilling of 46 wells. North Pars is estimated to be producing at such rate for 25 years. The recovery factor calculated for North Pars, which is expected to keep gas flowing for 35 years, currently stands at 61%.

The North Pars gas is planned to be used at natural gas liquefaction plants to help Iran produce 20 million tonnes a year of such super-cooled gas.

Situated at a depth of 4,000 meters, dome-shaped North Pars covers 500 square kilometers.

Seventy-two percent of the North Pars gas deposits is accumulated in the upper section and the remaining 28% in the lower section.

Iran is set to provide financing and hire manpower for new projects, including North Pars.

North Pars is planned to be developed in four phases, each of which would be producing 1.2 bcf/d.

The LNG to be produced from one phase will belong to Iran, while future foreign investor will be authorized to sell LNG produced from the other two phases to its own clients. The gas from the fourth phase will be fed into national gas trunkline for domestic consumption.

Courtesy of Iran Petroleum

News ID 283838

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