Four SP phases to come on stream by March 2012

TEHRAN, Sept. 21 (MNA) – Four phases of the giant South Pars gas field will come on stream by the end of the next Iranian calendar year (March 20, 2012), the Iranian oil minister said here on Tuesday.

Masoud Mirkazemi added that from the beginning of current Iranian calendar year (March 20, 2010) $6 billion have been invested in the giant south pars gas field’s development plan and this amount should be increased up to $13 billion by the end of year.

 Pars Oil and Gas Company’s Managing Director Ali Vakili said in August that phases 15 and 16 are 52 percent complete, while phases 17 and 18 are 50 percent complete.

 Once the phases come on stream 100 million cubic meters of gas would be added to the nation’s sweetened gas production capacity.

 South Pars gas field’s current production capacity stands at 75 million cubic meters of gas per year.

 Iran has the second biggest gas reserves in the world after Russia.

 The offshore South Pars field contains about half of the estimated 28 trillion cubic meters of the country's gas reserves.

 South Pars on the Iranian side is the world's largest known gas reservoir not associated with oil production. Qatar holds the southern section of the field, where it is known as the North Field. Qatar has developed its side of the field to become the world's largest exporter of liquefied natural gas (LNG).

 MF/SJ

END

MNA

News Code 42019

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