Iran to sign contracts to install South Pars
By Gunay Hasanova
The Islamic Republic of Iran, the country with the largest natural gas reserves in the world, plans to sign two contracts on development of the giant South Pars gas field by the end of the current fiscal year (March 20, 2017).
Oil Minister Bijan Namdar Zanganeh announced about this on October 17 further adding that the contracts on development of the Phase 11 and the oil layer of South Pars will be signed by March 2017, Trend reported.
Currently, Iran produces about 450 million cubic meters per day (mcm/d) of gas from the field, but the volume is expected to reach 535 mcm/d by commencing five new phases – 17, 18, 19, 20 and 21 – by the end of the current fiscal year.
The country plans to increase gas output from the field to above 700 mcm/d by 2021.
Last year, Iran produced about 730 mcm/d of gas, including the flared and re-injected volume.
Zanganeh also said the country’s gas output will reach 900 mcm/d by March 2017 and 1,000 mcm/d by March 2018.
The gas field South Pars is located in the Persian Gulf. It is the largest gas field in the world , shared between Iran and Qatar.
Recoverable reserves of the gas field, according to experts are equivalent to 215 billion barrels of oil equivalent.
The South Pars 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. It is divided into 29 phases.
Previously, Managing director of Pars Oil and Gas Company Ali Akbar Shabanpour said the country has invested $55 billion in South Pars and needs $11 billion more.
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Gunay Hasanova is AzerNews’ staff journalist, follow her on Twitter: @gunhasanova
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