Iran to complete South Pars in 2 years

Oil&Gas Materials 20 July 2011 13:30 (UTC +04:00)

Azerbaijan, Baku, July 20 /Trend/

Iran will launch all gas Phases of South Pars in two years into the general network, the Iranian daily Resalat reported, quoting Oil Ministry caretaker Mohammad Aliabadi as saying.

"All Phases in South Pars will gradually join the general network by the end of the next two years so that people can profit", he said.

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

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

According to OPEC's annual statistics published on July 19 Iran's gas reserves reached 33 trillion cubic meters in 2010.