Iran Accelerates Joint Oil and Gas Field Development Amid Increased Output

Iran has accelerated the development of its joint oil and gas fields over the past two years. The country's proven crude oil reserves stand at approximately 158 billion barrels, ranking it third or fourth globally, while natural gas reserves total over 32 trillion cubic meters, placing it second worldwide after Russia.

The South Pars field, which shares resources with Qatar, is the main source of Iran's gas production, accounting for over 70% of consumed gas. Recent efforts have focused on developing Phase 11, where gas production has more than doubled from about 12 million cubic meters per day to over 26 million cubic meters per day by June 2026.

Petropars, the engineering and execution arm responsible for mega-scale upstream projects, has played a crucial role in the development of key phases of the shared South Pars field. During the past two years, Petropars managed to more than double gas production from Phase 11, bring the country's largest oil processing unit into full operation, and move the strategic South Pars pressure boosting project into the execution phase.