Iran oil minister: South Pars gas field development plan to be completed in two years

Business Materials 14 August 2013 11:07 (UTC +04:00)

Azerbaijan, Baku, Aug.14/ Trend F.Karimov/

Iranian Oil minister Rostam Qasemi has said that South Pars gas field's development plan will be completed in two years, the Mehr News agency reported.

"Works which have been done towards development of the South Pars gas field were unparalleled in the past century," Qasemi added.

He presented statistics on the current situation of different phases of the gas field, saying that the phases 15 and 16 are complete by 92 percent.

"The phases 17 and 18 are complete by 80 percent, and phase 12 - which equals three phases - is complete by 92 percent. Phase 19 - which equals two phases - is complete b 62 percent," he said.

"Phase 13 - which equals two phases - is complete by 62 percent. Phases 22-24 are complete by 62.5 percent. Phase 14 - which equals two phases - is complete by 50 percent, and phases 20-21 are complete by 50 percent," he said.

Qasemi went on to say that working under sanctions requires special capabilities.

"We have to manufacture equipment domestically or order other countries to manufacture them for us. Moreover, financial transactions are difficult," he explained.

On August 2 Qasemi said that once all the phases of South Pars field come on stream, Iran's share of gas extraction will equal to that of Qatar.

South Pars is part of a wider gas field that Iran shares with Qatar. The larger field covers an area of 9,700 square kilometers, 3,700 square kilometers of which are in Iran's territorial waters (South Pars) in the Persian Gulf.

The remaining 6,000 square kilometers, referred to as the 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.