Azerbaijan, Baku, Sept. 12 /Trend/
The new phase development of South Pars is behind schedule and is still in its early stages, the Mehr News Agency reported.
After nearly 15 months of signing the development plan for the South Pars new phase, all new phases are in the early stages and some have not even completed the excavation operation of onshore refinery while the progress of offshore operations are also behind schedule.
The development of Phase 13 in the onshore and offshore section is 3 percent behind schedule, while Phase 14 of the development is at 5 percent, Phase 19 around 7 percent, Phases 20 and 21 at 6 percent, and Phases 22 to 24 around 2 percent behind schedule.
The development of eight new Phases of South Pars requires the installment of a 2,000 kilometer-long pipeline under the sea, constructing 18 platforms, and drilling more than 170 developing wells in the Persian Gulf. Neither of the above has been completed.
In the meantime, the National Iranian Oil Company plans to issue $5 billion in bonds to support development plans of South Pars. The output also plans to attract $16.5 billion financial sources for new Phases of South Pars during the current solar year, which began on March 20, 2011. After six months, only $4.5 billion for the mega gas project have been assigned successfully.
Iran's Oil Ministry earlier said that completing the ongoing projects at different phases of the South Pars gas field will result in $100 billion in revenue.