Azerbaijan, Baku, Nov.18/ Trend G.Mehdi/
Iran will start extracting oil from the South Pars gas field's oil layer in spring next year (to end on June 19), the Mehr News Agency quoted PetroIran Company's managing director Saeid Hafezi as saying.
The oil layer is projected to yield 35,000 barrels per day (bpd) in the first phase, he said, adding that 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.
Around $800 million is required to develop the oil layer both in onshore and offshore sections.
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.