Tehran, Iran, Dec. 20
By Milad Fashtami - Trend:
The drilling operations of 22 wells in the phase 14 of Iran's giant South Pars gas field are currently underway, as the project is currently 46% complete, Iran's Mehr News Agency reported on Dec. 20.
A total number of 44 wells will be drilled in the phase.
Phase 14 is projected to daily produce 56.5 million cubic meters of gas, 75,000 barrels of gas condensates, and 400,000 metric tons of sulfur.
The phase will also produce one million metric tons of liquid fuel and one million metric tons of ethane each year.
South Pars is a joint gas field of Iran and Qatar. The field on the Iranian side holds 14 trillion cubic meters of gas and has been divided into 29 phases, Phases 1 to 8 have been developed completely, Phases 9 and 10 has been operated, but not to full capacity and Phases 11 to 29 are under construction.
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.
Iran 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.
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