Iran to make $127B from South Pars annually

Business Materials 17 March 2015 16:09 (UTC +04:00)

Baku, Azerbaijan, Mar. 17

By Khaild Kazimov - Trend:
Managing Director of the National Iranian Oil Company Roknoddin Javadi said that when the South Pars field phases are fully operational, they would make Iran $127 billion each year.

Javadi made the remarks on the sidelines of inaugurating Phase 12 of the field, IRNA news agency reported March 17.

Phase 12 is the biggest of all the South Pars gas field phases.
It was developed with domestic expertise and an investment of $7 billion.

Experts have estimated that by tapping this phase, Iran 's GDP will rise by 2 percent.

Javadi said in the current Iranian year (since March 21), worth 107 billion cubic meters of gas was taken out of South Pars by Iran, and he hoped that when the phases are finalized, the output would reach 250 million cubic meters.

In three years, South Pars's crude oil output is expected to hit 5.8 million barrels per day, he said.

The South Pars field has 14 trillion cubic meters of natural gas -or about eight percent of the world's reserves- and more than 18 billion barrels of liquefied natural gas resources.

The field is part of a wider gas field that is shared with Qatar. The larger field covers an area of 9,700 square kilometers, 3,700 square kilometers of which are in Iran 's territorial waters (South Pars) in the Gulf. The remaining 6,000 square kilometers, referred to as the North Dome, are in Qatar 's territorial waters.
Iran's share of the gas field is divided into 29 phases, but just 10 phases are currently operational. No phases of the South Pars gas field have recently come on stream.

Edited by CN