Finally, the dream is a reality for Iran’s Oil and Gas industry

“Glorious days for the nation has been created by Iran’s oil industry and its executives.” This was part of the President Hassan Rouhani’s speech at the opening ceremony of 5 phases in South Pars. The President inaugurated $20 billion worth of energy projects in the city of Asaluyeh in Bushehr Province, on Sunday 16th April 2017.

This gas field covers an area of 9,700 square kilometers, of which 3,700 square kilometers (South Pars) is in Iranian territorial waters and 6,000 square kilometers (North Dome) is in Qatari territorial waters. The Persian Gulf is home to one of the largest independent gas reservoirs in the world.

Dana Energy got involved in South Pars in 2008 and it was the main drilling company in phases 17 and 18 this time round and 15 and 16 in the previous project completion. A combined 44 wells were drilled in these four phases with contracts exceeding $1.7 billion.

Phases 17 and 18 of South Pars gas field in respect to volume of operations and investment, is among the largest projects in the history of Iran's oil and gas production and one of the largest in the world in the recent years.

All four of these phases are located right on the cusp of Iran and Qatar’s maritime boarder and the combined number of wells drilled by Dana Energy equates to over 10% of South Pars entire well count.

With the opening of these phases, Iran's daily production will reach beyond 750 million cubic meters per day and will see the production of just under a million barrels of condensates. It’s thought that in less than two years, these five phases will reimburse their investment and contributing even more to the national economy.

All in all, the project showed Iran’s strength, determination, unity and the capacity for delivering a world class operation with all the obstacles it had to face. However, the dream mustn’t end as part of it was made a reality. Continuing with new oil and gas contracts to develop the fields in Iran should be on the table at all times and not made an auxiliary option due to the current success. So, let’s keep on dreaming.

Maede Mazraei,
Corporate Communications Specialist