POGC produces over 400 mcm of natural gas from the fields on a daily basis and aims to double its output in the near future. 

The oil layer of South Pars gas field, which Iran shares with Qatar in Persian Gulf waters, is located 130 km off Iranian coasts and is estimated to contain 1.5bn to 4 billion barrels of oil in place with a recovery rate of nearly 21%, he said. 

The platform has a capacity of processing 35,000 b/d of crude oil.

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.

Iran has offered 52 oil and gas development projects in addition to 18 exploration blocks at the Tehran IPC Conference. 

The projects include 29 new and currently producing oilfields and 23 gas developments. Onshore fields make up 34 of the projects. The projects are estimated to be worth more than 30 billion dollars.  

IPC is replacing buyback deals. Under a buyback deal, the host government agrees to pay the contractor an agreed price for all volumes of hydrocarbons the contractor produces.

But under the IPC, National Iranian Oil Company (NIOC) will set up joint ventures for crude oil and gas production with international companies which will be paid with a share of the output.

In the wake of nuclear deal reached last July, Iran has been receiving high-ranking officials and corporate executives of major companies including from Germany, Spain, Austria, Italy, and France to discuss new cooperation ventures.

Zangeneh has said that Iran welcomes foreign investment in its energy industry, but stresses technology transfer by foreign partners in the new contracts.

Iran’s oil exports fell to an average 1.4 million barrels a day last year from 2.6 million in 2011 due to the sanctions on the country, U.S. Energy Information Administration data show. U.S. sanctions on Iran limit it to selling about 1 million barrels of crude a day to China, India, Japan, South Korea, Turkey and Taiwan, with additional purchases of condensate, a light oil liquid found in gas deposits, also allowed.