Iran to start drilling in Phase 14 of South Pars

Oil&Gas Materials 20 July 2011 13:50 (UTC +04:00)
Iran to start drilling in Phase 14 of South Pars

Azerbaijan, Baku, July 20 /Trend/

The National Iranian Drilling Company will begin drilling in Phase 14 at the South Pars joint gas field in the next two weeks , Fars News Agency reported quoting Project Manager for Phase 14 of South Pars Gas Field Saeed Sattarias saying.

"For the first time, the drilling operation is implemented at a sea depth greater than 3,500 meters", he said.

The operation will facilitate the development of this Phase by drilling the first well, while more than 40 percent of required equipment has been provided for drilling 44 wells in Phase 14.

Currently 35 percent of Phase 14 ' s onshore operations have been completed, including construction of LPG tanks and gas condensate reservoirs and boilers.

The Phase 14 development operation is implemented by a domestic consortium, which provides a basic estimated finance of $5.2 billion in joint waters with Qatar.

Iran 's 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.