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Qatar Willing to Cooperate with Iran on Joint Gas Field

Source: www.gulfoilandgas.com 12/22/2013, Location: Asia

Qatar plans to cooperate with Iran to develop its share of the worlds biggest gas field so that both countries can reap the maximum long-term rewards, sources at state-run Qatar Petroleum (QP) said.

The Persian Gulf state has voiced its pleasure in the expansion of cooperation with Iran amid signs that western sanctions might ease after it signed a deal with the world powers in Geneva in November, Reuters reported. The giant gas field beneath the waters of the Persian Gulf, which Iran calls South Pars and Doha calls the North Field, accounts for nearly all of Qatars gas production and around 60 percent of its export revenues.

Multi-billion dollar plants built with big western energy companies have helped Qatar become the worlds largest liquefied natural gas (LNG) exporter.

Worried that overproduction might reduce long term recovery from its biggest asset, in 2005 Doha imposed a moratorium on new developments which is expected to last until at least 2015.

Iran has made a rapid increase in production from South Pars a top priorit.

"After Iran signed the nuclear deal this has opened the door for us to cooperate with them to making more use of South Pars," a QP source said.

According to the International Energy Agency, the field holds around 51 trillion cubic meters of gas and some 50 billion barrels of condensate.

Iranian Oil Minister Bijan Namdar Zanganeh said in August that he wants the two countries to work together to maximize production and there are signs that they are looking to cooperate.

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