TEHRAN – Iran will inaugurate the biggest phase of the South Pars gas field, namely the phase 12, before winter to prevent from gas shortage in the country during the cold season.
The project manager of the phase 12 told IRNA on Monday that the phase 12 will come on stream by the end of the eighth Iranian calendar month of Aban (November 21).
Rasoul Fallahnejad added that once the phase 12 comes on stream, it will inject about 75 million cubic meters (mcm) of gas into the national gas network per annum.
Iran is currently producing 300 mcm per day of gas from the South Pars.
The project will bring in $10-11 billion annually, which accounts for three percent of the country’s GDP, Fallahnejad noted.
Iran will boost production at its South Pars gas field by 100 mcm per day in the current Iranian calendar year, which began on March 21, Iranian Oil Minister Bijan Namdar Zanganeh said on Saturday.
The prioritized phases, namely the phases 12, 15, 16, 17, and 18 of the gas field, will come on stream in the current year, he added.
Iran’s Pars Oil and Gas Company will issue 20 trillion rials (about $800 million) worth of bonds in the current Iranian calendar year to fund development projects in the South Pars gas field, IRIB reported on March 3.
The South Pars gas field covers an area of 9,700 square kilometers, 3,700 square kilometers of which are in Iran’s territorial waters in the Persian Gulf.
The remaining 6,000 square kilometers, i.e. North Dome, are in Qatar’s territorial waters.
The Iranian gas field, which is divided into 29 phases, contains 14 trillion cubic meters of natural gas, about eight percent of the world’s reserves, and more than 18 billion barrels of LNG resources.
Iran forecasts increase in oil and gas output
Iran’s crude oil output is forecast to increase by about 200,000 barrels per day to 4 million barrels per day, and its daily natural gas output is forecast to increase by about 100 million cubic meters per day to 400 million cubic meters per day.
Iran is estimated to hold 33.7 trillion cubic meters of natural gas and 157 billion barrels of recoverable crude oil reserves.
In June 2013, Asharq Al-Awsat newspaper carried a report saying that British oil giant BP has reduced its estimates of global gas reserves for the first time in decades, and has moved Iran to the head of the list of states with the largest reserves of natural gas.
It ranked Iran as first in the world in terms of natural gas reserves, with 33.6 trillion cubic meters, replacing Russia as the country with the largest reserves.
The company reduced its estimates for Russia from 44.6 trillion cubic meters to 32.9 trillion cubic meters, and said total global reserves stood at 187.3 trillion at the end of 201.