Iran to launch development project of South Pars gas field soon

Business Materials 13 June 2016 20:07 (UTC +04:00)

Baku, Azerbaijan, June 13

By Khalid Kazimov - Trend:

Iranian Offshore Engineering and Construction Company (IOEC) is expected to launch a project for developing South Pars gas field's phase 14 within the next one month.

Farzad Ghazali an official the IOEC has told SHANA that a drilling rig will be set up in the Persian Gulf within the next month to launch developing phase 14.

Saying that 22 wells are projected to be drilled in the phase 14, he added it will take two and a half year to end drilling of the wells.

According to the official IOEC will spend $762.5 million on the project.

Each standard phase of the South Pars gas filed will produce around 8 billion cubic meters of gas per year, valued at $2 billion.

It covers an area of 9,700 square kilometers, 3,700 square kilometers of which are in Iran's territorial waters in the Persian Gulf. The remaining 6,000 square kilometers are situated in Qatar's territorial waters.

The Islamic Republic is producing over 420 million cubic meters per day (mcm/d) of gas from South Pars, while the production level is projected to surpass 700 mcm/d by late 2018.