Iran to start oil production at South Pars next spring
Iran will start producing oil from the South Pars gas field's oil layer by the early months of the next calendar year -- which starts on March 20, 2013, Pars Oil and Gas Company's managing director Mousa Souri said.
Drilling operations are underway simultaneously from two rigs, Souri was quoted as saying by Iran's state broadcaster IRIB.
The oil layer is projected to yield 35,000 barrels per day (bpd) during the first stage, he said, adding that the output will be increased to 54,000 bpd during the next stage.
Iran started the drilling at the South Pars oil layer on July 15, Souri said, according to the Pana news agency.
Around $800 million is needed to develop the oil layer both onshore and offshore, he said.
The South Pars oil layer is estimated to hold some 1.6 billion barrels of crude.
The South Pars gas field is shared by Iran and Qatar. The Iranian share, which is divided into 29 phases, has about 14 trillion cubic meters of gas, or about eight percent of the total world reserves.
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