Publishe Date: 9:44 AM - 8/9/2014 | Print

Iran to Inaugurate New Phases of South Pars Gas Field Next Year

Economy - Iranian Deputy Oil Minister Seyed Emad Hosseini underlined his ministry's resolve to inaugurate two new phases of the South Pars gas field in the next Iranian calendar year (March 21, 2015) in a bid to boost the country's gas revenues.

Hosseini said on Friday that given the progress of phases 20 and 21 of the gas field, production will begin ahead of schedule during next year’s first half.

The Iranian official stated that according to a report by the project contractors, development of the two phases has progressed about 70 percent with offshore development being ahead of onshore operations.

South Pars 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 gas field is estimated to contain a significant amount of natural gas, accounting for about eight percent of the world’s reserves, and approximately 18 billion barrels of condensate.

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