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Value of Iran's South Pars gas field output exceeds $340B in 13 years

Oil&Gas Materials 21 December 2014 14:30 (UTC +04:00)

Tehran, Iran, Dec. 21
By Milad Fashtami - Trend:

The natural gas and gas products worth $340 million have been produced Iran's South Pars gas field for the past 13 years.

Phases 2 and 3 of the field came on stream over 12 years ago. Since then different phases of the field produced large volumes of natural gas and five other strategic products, Iran's Mehr News Agency reported on Dec. 21.

During the period, South Pars produced 577 billion cubic meters of sweet gas (worth $230 billion based on the average price of 40 percent per cubic meter), over one billion barrels of gas condensates (worth $100 billion based on the average price of $100 per barrel), 2.932 million metric tons of sulfur (worth $440 million based on the average price of $150 per metric ton),
6.756 million metric tons of ethane worth $1.6 billion based on the average price of $240 per metric ton), 5.57 million metric tons of propane (worth $4.1 billion based on the average price of $750 per metric ton), and 3.79 million metric tons of butane (worth $2.9 billion based on the average price of $770 per metric ton).

South Pars is a joint gas field of Iran and Qatar. The field on the Iranian side holds 14 trillion cubic meters of gas and has been divided into 29 phases, Phases 1 to 8 have been developed completely, Phases 9 and 10 have been operated, but not fully and Phases 11 to 29 are under construction.

Deputy Director of Iranian Offshore Engineering Construction Company Amir Saeed Najafi said on October 27, 2013 that the income from each standard phase of South Pars gas field will reach $8.5 billion.

"By inauguration of each phase Iran daily earns $11.5 million," the IRNA News Agency said, quoting Najafi.

Iran holds the world's third-largest proven oil reserves and the second-largest natural gas reserves.

The country's total in-place oil reserves have been estimated at more than 560 billion barrels, with about 140 billion barrels of extractable oil.

Moreover, heavy and extra heavy varieties of crude oil account for roughly 70-100 billion barrels of the total reserves.

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