Tehran, Iran, Dec. 27
By Milad Fashtami - Trend:
The drilling operations of South Pars gas field's phase 14, located in Iran's Southern Bushehr province, are 50 percent complete.
Deputy Director of National Iranian Drilling Company Alireza Laiji said on Dec. 27 that the drilling operations of 22 wells are currently underway in phase 14, Iran's IRIB News Agency reported.
"We have drilled some 30,000 meters of wells in the phase so far," he said.
A total number of 44 wells will be drilled in the phase. They are 4,900 meters deep on average.
Phase 14 is projected to daily produce 56.5 million cubic meters of gas, 75,000 barrels of gas condensates, and 400,000 metric tons of sulfur.
The phase will also produce one million metric tons of liquid fuel and one million metric tons of ethane each year.
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 has been operated, but not to full capacity 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," Najafi said.
Iran holds the world's third-largest proven oil reserve and the second-largest natural gas reserve.
The country's total in-place oil reserve is 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 reserve.