Iran starts drilling 3rd well at South Pars phase 14

Business Materials 28 October 2012 13:23 (UTC +04:00)

Azerbaijan, Baku, Oct.28/ Trend F.Milad/

Iran started the drilling operation of the third well at South Pars gas field's phase 14, the project manager of the phase 14 stated.

Hamidreza Shafiei added that the drilling operations of the first two wells of the phase 14 were completed, the ISNA News Agency reported.

The drilling of developmental wells in South Pars gas field phase 14 commenced in August, the Fars news has reported.

National Iranian Drilling Company (NIDC) is responsible for the drilling operations of ‎the Phase 14. A consortium consisting of eight Iranian companies is involved in the ‎development of the phase by using finance and bonds as financial instruments for ‎funding the project. ‎

South pars gas field phase 14 aims to produce 56.5 million cubic meters of ‎sour gas and 75 thousand barrels of gas condensate per day.‎

As a subsidiary of NIOC, NIDC has already implemented drilling projects in phases 4,5,9 ‎and 10 of the South Pars and now is in charge of drilling operations in phases 14,17 and ‎‎18 under the terms of an engineering, procurement, and construction (EPC) contract. ‎

The South Pars gas field is shared by Iran and Qatar. The Iranian share, which is divided into 29 phases, has about 14 trillion cubic meters of gas, or about eight percent of the total world reserves.