All 25 phases of South Pars gas field but one will be completed by the end of the next Iranian year in March 2017 and the remaining one would be finished in a year or so afterward, said Iran's Oil Minister Bijan Namdar Zanganeh in a live TV program on Thursday.
According to Iranian Minister, the remaining phase is number 14 which is behind the schedule onshore.
He also recounted that after getting 4 new phases on stream before March 2015, more than 4.23 billion cubic foot was added to daily production capacity of gas in Iran.
The Iranian official voiced hope that by mid-2017, with 15 new phases on stream, Iran would have a total daily production of more than 21.1 billion cubic foot of gas and 1 million barrels of condensate gas from South Pars gas field.
The minister regretted that Iran harvested less gas than Qatar who shares South Pars gas field with Iran in last years and reassured that Iran would reach the same daily production rate with Qataris in two years.
South Pars, divided into 29 development phases, contains 40 trillion cubic meters (tcm) 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 situated in Qatar’s territorial waters.
The gas field is estimated to contain about eight percent of the world’s reserves, and approximately 18 billion barrels of condensate.