Iran to increase gas output by year-end

Azerbaijan, Baku, Oct. 26/ Trend R.Zamanov

Iran's gas output will rise by the end of the current Iranian calendar year (March 20, 2014), the Managing Director of National Iranian Oil Company (NIOC) Roknoddi Javadi said on Saturday.

"The focus would be on the development of South Pars gas field," the IRNA News Agency quoted Javadi as saying.

"The oil ministry's priority is to develop phases 12, 15 and 16 of South Pars," he said.

"Some 92.5 per cent of the phase 12 was completed," Javadi said, adding that the phase will probably start production of sour gas next month.

NIOC head said on October 23 that once the remaining 14 phases of South Pars gas field come on stream, Iran's oil revenues will increase by $100 million per day.

"So time is a crucial issue in development of the remaining phases of the giant gas field," the IRNA News Agency quoted Javadi as saying.

"Iran needs to invest some $20- 25 million in the project, so if we want all the phases to come on stream in the next 24 months, some one million dollars should be invested in the development project every month," he said.

"Each phase's revenues are equal to $2.5 billion per year," Javadi added.

He went on to note that the country loses large amounts of money on each day of delay in the development project of the remaining phases of South Pars gas field.

Iranian Oil Minister Bijan Namdar Zanganeh previously said that the Oil Ministry's priority in developing the phases of the South Pars gas field is the old ones.

The country holds the world's third largest proven oil reserves and the second largest natural gas reserves.

The country's total oil reserves have been estimated at more than 560 billion barrels, with about 140 billion barrels of extractable oil. Moreover, heavy and extra heavy varieties of crude oil account for roughly 70-100 billion barrels of the total reserves.

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