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Iran says to complete South Pars expansion in 3 years

Business Materials 10 February 2015 14:32 (UTC +04:00)


Baku, Azerbaijan, Feb. 10

By Khalid Kazimov - Trend:

Iranian Deputy Oil Minister in Planning and Supervision of Hydrocarbon Resources Mansour Moazami has said that by the end of the Iranian year 1396 (Mar. 20, 2018) the country will accomplish its entire South Pars oil and gas field expansion projects, IRNA news agency reported on Feb. 10.

He noted that through the implementation of high-priority expansion phases so far, the country has attained an output of 100 million cubic meters of gas per day.

"Increasing our gas production comes as an answer to the need to focus on and optimize our use of joint fields," he noted.

"Last year in such days we faced severe gas shortage which made us burn 27 billion liters of liquid fuel at power plants worth $18 billion," he said, adding that this year the country faces no supply shortage due to the increase in production.

Also, Deputy Oil Minister in Engineering Affairs Emad Hosseini has said that by early 2018, the majority of the projects devised for expanding South Pars phases will have been carried out.

"It will be of insignificant importance whether sanctions are lifted or not," he asserted in response to doubts that International sanctions will influence Iran's ability to tap its joint gas and oil fields.

The official also announced that in a few days, Iran will make 5 new South Pars phases operational .

Iran says it will overtake Qatar in production of natural gas from South Pars, shared between the two countries, within the next three years. Iran's oil Minister Bijan Zangeneh has also emphasized that the country will complete all the projects that have been defined in South Pars gas field before April 2018.

South Pars - called the North Dome by Qatar - is one of the world's largest gas reservoirs. It is believed to hold an estimated reserve of 51 trillion cubic meters of in-situ natural gas and some 50 billion barrels of condensates.

The Iranian section of the huge field has been defined into 29 projects or phases. About half of the phases have already been completed and operations to bring the rest on stream are currently underway.

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