Iran’s South Pars gas output to reach 550 mcm/d by March

Business Materials 20 December 2016 17:56 (UTC +04:00)

Baku, Azerbaijan, Dec. 20

By Emil Ilgar – Trend:

Iran says the production capacity of South Pars field would increase from the current 500 million cubic meters per day (mcm/d) to 565 mcm/d by the end of current fiscal year (March 20, 2017).

“During the current fiscal year, Iran added 90 mcm/d to production level of South Pars, as of now the figure stands at 500 mcm/d,” the managing director of Pars Oil and Gas Company (POGC) Mohammad Meshkin Fam said Dec.20.

“Next week, by launching the new unit of Phase 20’s refinery, the figure would reach 515 mcm/d," he said. Fam added that the figure was 280 mcm in mid-2013, when President Hassan Rouhani took office.

Iranian side of South Pars, located in southern region, is divided into 24 development phases, and contains 14 trillion cubic meters of natural gas.

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 in Qatar's territorial waters.

Meshkin Fam said that the comulative production from South Pars stood at 879 bcm until the end of last fiscal year.

Iran produced 131 bcm of gas from South Pars last fiscal year, he said.

Iran plans to commence all of the 24 phases of South Pars in the coming years and the output capacity would reach above 780 mcm/d.

He said that for South Pars to be fully operational, about $91 billion is needed, of which $70 billion has been spent as of now and $21 billion would be allocated later.

According to him, 13 refineries have been projected for South Pars, of which 10 are operational or ready to be commenced.