Official: All Phases Of South Pars To Be Complete By Year-end

Tehran, May 20, IRNA – Managing Director of Oil and Gas Company Mohammad Reza Zahiri announced that the construction work of all phases of South Pars gas field will be completed by the by the end of current Iranian year (ends March 20, 2014). ˈThe executive work of all phases will certainly be finished by the end of current year and they will become operational next year,ˈ Zahiri said. He noted that South Pars phases which are under completion include phases 13, 14, 19, 20, 21, 22, 23 and 24 with an output capacity of 250 million cubic meters per day. ˈBy coming to stream of all phases, the countryˈs economy will gain an annual revenue of between $100mln to $140mln,ˈ the official added. Iran, which sits on the worldˈs second largest natural gas reserves after Russia, is making efforts to attract more foreign and domestic investment, especially in South Pars, in order to boost gas production. The South Pars/North Dome field is a gas field located in the Persian Gulf. It is the worldˈs largest gas field and is shared by Iran and Qatar. The fieldˈs recoverable gas reserves are estimated to be equivalent to 215bln barrels of oil. It also holds about 16bln barrels of recoverable condensate. The South Pars field, which is divided into 29 phases, has about 14tln cubic meters of gas, or about eight percent of total world reserves./end