$17B in New Deals for World’s Largest Gas Field May Indirectly Go to Russia

Iran has awarded US$17 billion of contracts to attempt to reverse a dramatic projected production decline from the world’s biggest gas reservoir. Its South Pars field spans 3,700 square kilometres and holds an estimated 14.2 trillion cubic metres (tcm) of gas reserves plus 18 billion barrels of gas condensate. In addition to generating nearly 80% of Iran’s gas production, it also accounts for around 40% of its total estimated 33.8 tcm of gas reserves (mainly located in the southern Fars, Bushehr, and Hormozgan regions). The other part…