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Iran plans to increase gas production in South Pars immediately

Oil&Gas Materials 18 July 2011 17:48

Azerbaijan , Baku, July 18 /Trend/

The National Iranian Oil Company will implement an immediate project to increase gas production in South Pars joint field, Pananews reported quoting National Iranian Oil Company statement.

"The operation of this immediate project will end in Phase 1 of South Pars joint gas field with Qatar by September 22," statement noted.

The National Iranian Oil Company plans to drill four new developing wells in South Pars Phase 1 by September.

Currently, Phase 1 of South Pars has the production capacity of 800 million cubic foot natural gas per day and expected to increase by completing the wells capacities to 1 billion cubic foot per day.

A domestic contractor started the implementation of immediate plan to increase gas production by technical changes in Phase 1 platform.

The development plan for South Pars Phase one launched by $780 million investment on 2004 to produce 25 million cubic meters of natural gas, 40,000 barrels of gas condensates, 200 tons of sulfur

South Pars oil and gas field is one of the largest in the world and predicts up to $130 billion in revenues per year.

The South Pars oil and gas field covers an area of 3,700 square kilometers. It is located 3,000 meters below the seabed.

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