Minister: Iran to earn $24 billion from joint South Pars gas field

Oil&Gas Materials 6 November 2013 13:19 (UTC +04:00)

Baku, Azerbaijan, Nov. 6

By Umid Niayesh- Trend: By the inauguration of five phases of the joint South Pars gas field Iran annually, there will be revenue of $24 billion, the Iranian Oil Minister Bijan Namdar Zanganeh said, ISNA news agency reported on November 6.

Earlier Zanganeh announced that the Ministry has a special focus on completing and inaugurating the South Pars' gas field phases 12, 15, 16, 17, 18.

The Managing Director of the National Iranian Oil Company (NIOC) Roknoddin Javadi said on October 23 that once the remaining 14 phases of South Pars gas field come on stream, Iran's oil revenues would be raised by $100 million per day.

South Pars is the joint gas field of Iran and Qatar. The field on the Iranian side holds 14 trillion cubic meters of gas and has been divided into 29 phases, Phases 1 to 8 have been fully developed, Phases 9 and 10 have been under operation, but not to full capacity and Phases 11 to 29 are under construction.

During the past three years from their inauguration, Phases 9 and 10 have not been developed completely and their output stands at a total of42mcm/d, instead of the anticipated 50mcm/d.

The development of phases 27 and 28 have not started, while based on official announcement of the Pars Oil and Gas Company in April, some of the South Pars phases have been partially completed (phase 13 by 61 per cent, 14 by 47 per cent, 19 by 61 per cent, phases 20-21 by 46 per cent, and phases 22-24 by 60 per cent).