Iran to start tapping South Pars oil layer next year

Iran Materials 7 January 2012 12:51 (UTC +04:00)

Azerbaijan, Baku, Jan. 7 / Trend F.Milad/

The first phase of extracting oil from the South Pars gas field will come on stream by March 2013, an official with the National Iranian Oil Company (NIOC) stated, Fars news agency reported.

South Pars oil layer was discovered in 1988. Ten years later the first exploratory well was drilled. But the work halted for six years and finally the project was transferred to PetroIran Company in 2005.

The NIOC managing director Ahmad Qalebani said that the country's daily oil and gas outputs should amount to five million barrels and 1.47 billion cubic meters by 2015.

Iran sits on the world's second largest natural gas reserves after Russia and is trying to grow its gas production by increasing foreign and domestic investments, especially in its South Pars gas field.

The South Pars gas field is shared by Iran and Qatar. The Iranian share, which is divided into 29 phases, has about 14 trillion cubic meters of gas, or about eight percent of the total world reserves, and more than 18 billion barrels of liquefied natural gas resources.