Oil Price reported last week that the Islamic Republic Regime unveiled a large gas field in the Caspian Sea. Chalous gas field is to be constructed with the aim of creating a new gas pole in northern Iran to complete the southern gas pole of the country with the focus on the massive South Pars field. The main developer of the Chalous gas field is the Caspian Oil Company (KEPCO), but technical and financial assistance is also received from Russia and China.
If the initial estimates of the gas reserves held in the Chalous field are correct, then Iranian gas will be able to supply at least 20% of Europe’s gas needs. However, the amount of exports, prices and destinations of this gas will be coordinated with Russia, and this adds to Moscow’s dominance over Europe in the field of energy, which is currently one of the main issues in the dispute between Europe and its NATO partner, the United States.
According to Ali Osuli, CEO of the Caspian Oil Company (KEPCO), it is estimated that the Chalous field has gas reserves equivalent to a quarter of the massive South Pars gas field, or about 11 of its phases. South Pars has an estimated 14.2 trillion cubic meters (Tcm) of gas reserves with 18 billion barrels of gas condensate, and currently accounts for about 40 percent of Iran’s total 33.8 trillion cubic meters of gas reserves and around 80 percent of the country’s total gas production.
