South Pars financial issues resolved

News ID: 3741813 -
TEHRAN, Aug. 15 (MNA) – POGC managing director said with regulation of financial channels in May, developmental projects have begun in all South Pars phases.

Prioritizing South Pars phases by the incumbent government, accelerated implementation of projects underway in the massive Iranian gas field.

It was in 2013 that Iran’s Ministry of Oil decided to give priority to South Pars phases 12, 15, 16, 17 and 18 since they showed more progress than other phases.

As a result of the decision, development of South Pars phases was expedited and as the first step, Phase 12, known as the largest South Pars phase, became fully operational in March.

It is estimated that full development of South Pars phases, in addition to meeting the country's need for energy, will bring about an annual income of about $112 billion.

One of the world's biggest gas sources lying on Iranian border line, South Pars gas field occupies 9,700 square kilometers of which a share of 3,700 square kilometers belongs to Iran.

The joint gas field holds a total of 14 trillion cubic meters of gas along with 18 billion barrels of gas condensates which accounts for almost eight percent of the world's total gas reserves and nearly half of the country's gas reserves.

Managing Director of Pars Oil and Gas Company (POGC) Ali Akbar Shabanpour announced that prioritizing of phases over the past three years has led to a 1.5-fold increase in recovery from the joint gas field.

“Five phases of South Pars will come to stream by the end of the present year in order to escalate Iran’s recovery volume by 100 million cubic meters per year,” he continued.

HA/IRN82188252

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