Iran to complete initial drilling in South Pars oil layer by March 2013

Oil&Gas Materials 7 October 2012 12:33 (UTC +04:00)

Azerbaijan, Baku, Oct. 7 /Trend, F.Milad/

The initial drilling in the joint and non-joint oil layers of the South Pars oil field will be completed by the end of the current Iranian calendar year (March 20, 2013), Managing Director of Pars Oil and Gas Company Mousa Souri announced.

"The results of the descriptive drilling studies in oil layers of the South Pars will be announced soon," the Shana News Agency quoted him as saying.

Souri also said that the drilling operations in the South Pars oil layers is underway with the addition of two advanced rigs to study the reservoir condition of this part of the South Pars field.

Souri had previously stated that the oil layer is projected to yield 35,000 barrels per day (bpd) in the first phase, and the output will be increased to 54,000 bpd in the next phase.

Iran started drilling at the South Pars oil layer on July 15.

The South Pars oil layer is estimated to hold some 1.6 billion barrels of crude.

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.