Iran to inaugurate 7 phases of South Pars gas field in 3 years
Baku, Azerbaijan, May 6
By Fatih Karimov - Trend:
Iran will inaugurate seven phases of its South Pars gas field in three years.
Addressing the opening ceremony of the 19th International Oil, Gas, Refining and Petrochemical Exhibition in Tehran, Iranian Oil Minister Bijan Namdar Zanganeh said that the country plans to boost crude oil production from onshore fields by one million barrels per day in the next few months.
The development of seventeen unfinished phases of the gas field should be completed as soon as possible, the minister said.
He also noted that construction of eight small refineries, each with 60,000 barrels capacity, has been started.
Managing Director of the South Pars Gas Complex, Masoud Hasani, said on Feb. 7 that 202 million cubic meters of gas per day is being pumped from the gas field to Iran's National gas network, Iran's Fars News Agency reported.
"South Pars is one of the most important areas in the country's oil and gas sector," Hasani said.
"The field's total production currently stands at over 280 million cubic meters from which 202 million cubic meters is being pumped to the national gas network," he explained.
Deputy Director of Iranian Offshore Engineering Construction Company Amir Saeed Najafi said on October 27, 2013, that the income from each standard phase of South Pars gas field will reach $8.5 billion.
"By inauguration of each phase Iran earns $11.5 million each day," the IRNA News Agency quoted Najafi as saying.
He went on to note that Iran needs to invest $400 million to complete Phases 12, 15, 16, 17 and 18.
Javadi said on October 23, 2013 that once the remaining 14 phases of the South Pars gas field come on stream, Iran's oil revenues would be raised by $100 million per day.
"So time is a crucial issue in the development of the remaining phases of the giant gas field," the IRNA News Agency quoted Javadi as saying.
"Iran needs to invest $20 to 25 million in the project, so if we want all the phases to come on stream in the next 24 months, one million dollars should be invested in the development project each month," he explained.
"Each phase's revenue is equal to $2.5 billion annually," Javadi added.