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Iran completes drilling operation in South Pars gas field’s phase 18

Iran Materials 12 February 2014 11:22 (UTC +04:00)
Iran has completed drilling 11 oil wells at the phase 18 of the country’s giant South Pars gas field, Alireza Layji, the drilling project manager of phases 17 and 18 said, Iran’s IRNA News Agency reported on Feb. 12.

Baku, Azerbaijan, Feb. 12

By Rahim Zamanov - Trend:

Iran has completed drilling 11 oil wells at the phase 18 of the country's giant South Pars gas field, Alireza Layji, the drilling project manager of phases 17 and 18 said, Iran's IRNA News Agency reported on Feb. 12.

"The drilling operation in the field started in the first calendar month of Iranian year of 1389 (April 2010)," he said.

He went on to note that the drilling operations at the phase 17 are almost 99 percent complete.

The managing director of South Pars Gas Complex, Masoud Hasani, said on Feb. 7, that some 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 out of which 202 million cubic meters is being pumped to the national gas network," he explained.

He went on to note that there is no shortage in feeding gas to South Pars gas complexes' petrochemical units.

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 daily earns $11.5 million," the IRNA News Agency said, quoting Najafi.

He went on to note that Iran needs to invest $400 million to complete phases 12, 15, 16, 17, and 18.

The Managing Director of National Iranian Oil Company (NIOC) Roknoddi Javadi, said on October 23, 2013 that once the remaining 14 phases of 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 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, some one million dollars should be invested in the development project every month," he explained.

"Each phase's revenues equal to $2.5 billion annually," Javadi added.

He went on to note that the country loses large amounts of money by each day of delay in the development project of South Pars gas field's remaining phases.

Iranian Oil Minister Bijan Namdar Zanganeh previously said that the oil ministry's priority in developing South Pars gas field's phases is the old ones.

The country holds the world's third-largest proven oil reserves and the second-largest natural gas reserves.

The country's total in-place oil reserves have been estimated at more than 560 billion barrels, with about 140 billion barrels of extractable oil. Moreover, heavy and extra heavy varieties of crude oil account for roughly 70-100 billion barrels of the total reserves.

Edited by C.N.

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