$700 million invested in South Pars phases 15, 16

Oil&Gas Materials 25 December 2011 15:58 (UTC +04:00)

Azerbaijan, Baku, Dec. 25 / Trend F.Milad/

Some $700 million has so far been invested in the South Pars gas field's phases 15 and 16 and all the offshore installations will be commissioned by the next summer, the manager of developing the phases 15 and 16 said.

Totally, 230 kilometers of pipeline has been laid and two jackets, each weighing 2,500 tons, have been installed in the two phases, Abbas Haj Hosseini told the Pana news agency.

Oil minister Rostam Qasemi has ordered all the contractors of the South Pars gas field development projects to work round the clock in three shifts to complete development of all the South Pars phases, especially the phases 12, 15, 16, 17 and 18.

Iran has attached the priority on boosting gas production capacity from its joint oilfields with Qatar and Saudi Arabia, Qasemi said, the IRNA news agency reported.

Iran sits on the world's second largest natural gas reserves after Russia and is trying to grow its gas production by increasing foreign and domestic investments, especially in its South Pars gas field.

The South Pars gas field is shared by Iran and Qatar. The Iranian share, which is divided into 29 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.