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Iran’s South Pars gas output to increase by 100 mcmd

Oil&Gas Materials 5 April 2014 14:06 (UTC +04:00)

Baku, Azerbaijan, April 5
By Umid Niayesh - Trend:

Senior Iranian official says that the output of the South Pars gas field will be increased by 100 million cubic meters per day (mcmd) by the end of current Iranian calendar year (March 21, 2015).

Iran plans to inaugurate the phases 12, 15, 16, 17 and 18 of the South Pars gas field before the next cold season, Iranian oil minister, Bijan Namdar Zanganeh said, the country's IRIB news agency reported on April 5.

The development of the three phases of 12, 15 and 16 has progressed by 92 percent, while the Phases 17 and 18 of the gas field are complete by 82 percent.

Phase 12 is projected to yield 80 million cubic meters of gas, while other phases are projected to yield 50 million cubic meters.

Zanganeh also went on to say that most phases of the South Pars gas field will come on stream in the next two years.

Commenting on the financial problems of the project, Zanganeh said that the issued bonds do not cover the financial demands.

Some part of the project's financial needs will be prepared by the National Development Fund, he said, adding that Iran is also operating to absorb new investments to the project.

Zanganeh also stressed that the project has made very low progress in its sea area, emphasizing that it should be improved in next two years while a significant portion of the gas is extracted from the sea.

South Pars is part of a wider gas field that is shared with Qatar. The larger field covers an area of 9,700 square kilometers, 3,700 square kilometers of which are in Iran's territorial waters (South Pars) in the Gulf. The remaining 6,000 square kilometers, referred to as the North Dome, are in Qatar's territorial waters.

Iran's share of the gas field is divided into 29 phases, but just 10 phases are currently operational. No phases of the South Pars gas field have recently come on stream. The country has recently started producing 10 million cubic meters of gas from the phase 12.

The Iranian gas field contains 14 trillion cubic meters of natural gas, about 8 percent of the world's reserves, and more than 18 billion barrels of LNG resources.

Iran sits on the world's largest natural gas reserves. The country's estimated reserves are around 33.6 trillion cubic meters.

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