Iranian oil minister gives ultimatum to South Pars gas field contractors

Business Materials 15 October 2012 12:57 (UTC +04:00)

Azerbaijan, Baku, Oct.15/ Trend F. Milad/

Due to delays in the development of the South Pars gas field's phases 14, 20 and 21, Iran's oil minister Rostam Qasemi has given a final ultimatum to the contractors, Fars reported.

Among those who have been warned are the Industrial Development and Renovation Organisation of Iran (IDRO) and the National Iranian Oil Engineering and Construction Company (NIOEC). The Oil Ministry also fined the two companies.

Iran plans to boost its South Pars gas field's daily output up to 800 million cubic meters by the end of Iranian calendar year 1393 (March 19, 2015), the managing director of the Pars Oil and Gas Company Mousa Souri said on Sunday.

By reaching this point, Iran will outpace Qatar in tapping into the joint gas field, the IRNA news agency quoted Souri as saying.

Qatar currently extracts 550-560 million cubic meters of gas per day.

The NIOC director Ahmad Qalebani had previously said that the National Iranian Oil Company (NIOC) attaches a top priority to the development of joint oil and gas fields.

He referred to the key role of explorations in the oil sector adding that development plans in border areas are of high importance, he said, the Shana news agency reported.

Oil Minister Rostam Qasemi has ordered all contractors of the South Pars gas field development projects to work round the clock in three shifts to complete development of all phases, especially the phases 12, 15, 16, 17 and 18.

The South Pars gas field is shared by Iran and Qatar. The Iranian shore which is divided into 29 phases has about 14 trillion cubic meters of gas, or about eight per cent of the total world reserves and more than 18 billion barrels of liquefied natural gas resources.