National Iranian Oil Company to speed up of South Pars phase 12

Baku, Azerbaijan, March 31

By Fatih Karimov - Trend: The managing director of the National Iranian Oil Company issued an order for speeding up the development of the South Pars gas field phase 12, the Tasnim News Agency reported on March 31.

The South Pars gas field is shared with Qatar in the Persian Gulf.

The phase 12 of the field is projected to produce 75 million cubic meters of natural gas, 120,000 barrels of gas condensates, and 750 tons of sulfur per day.

Roknoddin Javadi, managing director of the National Iranian Oil Company, said on March 3 that Iran has started pumping sweetened gas from phase 12 of the South Pars gas field to the country's national gas network, Iran's Mehr News Agency reported.

Phase 12 of Iran's South Pars gas field started its trial production in February. The phase is currently producing over 12 million cubic meters of gas.

Managing Director of the South Pars Gas Complex, Masoud Hasani, said 202 million cubic meters of gas per day is being pumped from the gas field toIran's National gas network, Iran's Fars News Agency reported on Feb.7.

"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.

"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," he added.

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 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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