Phase 12 of Iran's giant South Pars Oil and Gas field with an output of 84 million cubic meters of sour gas on a daily basis will come online next October, Pars Oil and Gas Co. Managing Director Mousa Souri announced on Saturday.
"The trend of executive affairs in phase 12 are very desirable and satisfactory and we expect this phase to start production next (Iranian calendar month of) Mehr (September 23-October 22, 2012)," Souri said on the sidelines of a visit to phase 12 development project," FNA quoted Souri.
He further voiced satisfaction with the trend of the development of the phase, and said, "Phase 12, whose output will be equal to that of three South Pars phases, has had more than 59% of progress."
He added that onshore and offshore gas refining installations of the phase are due to become operational next year.
He mentioned that a sum of $7.746bln of credit has been allocated to the development of phase 12, and added that almost half of the credit has already been spent on the project.
The South Pars gas field is shared by Iran and Qatar. The Iranian share, which is divided into 24 phases, has about 14 trillion cubic meters of gas, or about eight percent of the total world reserves, and more than 18 billion barrels of liquefied natural gas resources.
Iran has 137.6 billion barrels of proven oil reserves and 29.61 trillion cubic meters of proven gas reserves, ranking second in the world in both oil and gas reserves.