Iran to boost South Pars gas output by 200 million cubic feet

Azerbaijan, Baku, Dec. 14/ Trend G.Mehdi/ Iran's Pars Oil and Gas Company has implemented a project at phase one of the South Pars gas field which will boost output by 200 million cubic feet (5,75 million m3) to reach one billion cubic feet, ISNA reported. The project was carried out on the offshore section of the gas field and completed 16 days ahead of the schedule. All the equipment procurement and installation processes have been conducted by Iranian engineers. More than 400 Iranian companies are taking part in the development of the South Pars gas field through supplying equipment to related projects, South Pars Gas Company's managing director Ali-Akbar Shabanpour said on Saturday. On November 30, Iranian Oil Minister Rostam Qasemi said that the country has overcome the tough economic sanctions and the oil industry is heading towards development, IRIB reported. Many development projects are underway and it is projected that $150 billion will be invested in the oil sector, he added. By March 2015, natural gas production will reach 1.4 billion cubic meters from 600 million cubic meters, Qasemi said. In July, Qasemi said that although the West has imposed sanctions on Iran's oil sector with the goal of toppling the Islamic establishment, the country's oil exports will never be halted because oil consuming countries need Iranian crude. Qasemi said in April that at least $30 billion will be invested in the domestic oil industry this year. He added that a major portion of the sum will be allocated to the South Pars gas field projects. 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 per cent of the total world reserves and more than 18 billion barrels of liquefied natural gas resources. Do you have any feedback? Contact our journalist at agency@trend.az