Two Iranian South Pars gas phases to start early production in July

Iran Materials 30 January 2012 12:51 (UTC +04:00)

Azerbaijan, Baku, Jan. 30 / Trend F.Milad/

Phases 17 and 18 of the South Pars gas field will start early production in July and be officially inaugurated by October, the Pars Oil and Gas Company (POGC) managing director said on Monday.

Shana news agency quoted POGC head Mousa Souri as saying that the two phases are projected to produce 25 million cubic metres of natural gas per day.

Five billion dollars in bonds will be issued in the current Iranian calendar year (to end March 20) to speed up the implementation of the South Pars gas field projects.

Seven phases of the South Pars gas field will certainly come on stream and start early production in the next (calendar) year, the National Iranian Oil Company (NIOC) managing director said in December 2011.

"Phase 12 (equivalent to three phases), and the development plans for 15, 16, 17, and 18 have progressed by around 60 per cent," NIOC head Ahmad Qalebani told the Mehr News Agency.

Oil Minister Rostam Qasemi has ordered all the contractors of the South Pars gas field development projects to work round the clock in three shifts to complete development of all phases, especially phases 12, 15, 16, 17 and 18.

Iran has attached priority to boosting gas production capacity from its joint oilfields with Qatar and Saudi Arabia, the minister said, according to IRNA news agency.

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 metres of gas, or about eight per cent of the total world reserves and more than 18 billion barrels of liquefied natural gas resources.