Iran postpones developing two phases of South Pars gas field

Azerbaijan, Baku, Feb.19 / Trend F.Mehdi/

Despite the phases 15 and 16 of the South Pars gas field had been scheduled to come on stream by the end of the current Iranian calendar year (March 20, 2013), but the plan has been postponed to the next year, ISNA reported.

This is while the managing director of Pars Oil and Gas Company said in September 2012 that three phases of Iran's South Pars gas field, namely the phases 15, 16, and 12, will be inaugurated by the end of the current Iranian calendar year.

"The phases 15, 16, and 12 will come on stream by the end of the year and will start early production," POGC chief Mousa Souri said, the Mehr news agency reported.

Totally, the three phases are projected to produce 25 million cubic meters of gas per day, he added.

In December 2012, Souri said that Iran can earn $8 billion in revenue from every phase of the South Pars gas field.

He noted that the gas field accounts for eight percent of the global gas reserves, adding that the development of every one of the 24 phases of the gas field can cause a one-percent growth in the national economy.

Iran is currently producing 300 million cubic meters per day of gas from the South Pars.

The country, which sits on the world's second largest natural gas reserves after Russia, has been trying to enhance its gas production by increasing foreign and domestic investments, especially in the South Pars gas field.

The South Pars gas field covers an area of 9,700 square kilometers, 3,700 square kilometers of which are in Iran's territorial waters in the Persian Gulf.

The remaining 6,000 square kilometers, i.e. North Dome, are in Qatar's territorial waters.

The Iranian gas field contains 14 trillion cubic meters of natural gas, about eight percent of the world's reserves, and more than 18 billion barrels of LNG resources.

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