Iran to produce 250 mcm/d surplus gas in 2014

Oil&Gas Materials 28 July 2011 12:52 (UTC +04:00)

Azerbaijan , Baku, 28 July/ Trend D.Khatinoglu/

Iran to produce 250 mcm surplus gas for export, reported Fars News Agency, quoting South Pars Gas and Oil Company director Mousa Souri as saying .

"800 million cubic meters of natural gas will be produced by completing all of the 29 standard phases of South Pars in three years", he said.

Souri noted that Iran produces 240 mcm of gas per day from South Pars. Eight phases have been completed. The volume of gas production from Phases 9 and 10 is 17 mcm per day, but this figure is planned to increase to 56 mcm per day by the end of this solar year (started on March 21, 2011)", he said.

Iran produced 138.5 billion cubic meters of gas in 2010, with a consumption of 136.5 bcm.

The South Pars oil and gas field is among the world's largest. It 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.