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Pars Oil & Gas Company announces Iran gas recovery from South Pars fetches 500 bcm

Wednesday, Jan 23, 2013

Iran has recovered 500 billion cubic meters (bcm) of natural gas over the past 15 years from the giant offshore South Pars Gas Field which it shares with Qatar in the Persian Gulf, Iranian Oil Ministry data show.

The official data indicated that Iran is recovering 285 to 300 million cubic meters (mcm) of natural gas from the massive field, divided into 28 phases. The daily gas recovery would soar past 700 mcm after the development of all phases.

Iran has extracted 2.65 bcm of rich gas from Phase 1 of the field since the beginning of the current Persian calendar year in March 2012. Over the same period, more than 14.7 bcm of rich gas has been extracted from phases 2 and 3, 15.7 bcm from phases 3 and 4, 18.7 bcm from phases 6-8 and more than 11.11 bcm from phases 9 and 10.

If the projected 700-800 mcm daily recovery of natural gas from South Pars is realized, the country would gain more than USD120 billion a year from selling gas and its products a year.

Covering an area of 3,700 square kilometers, South Pars gas field is located in the Persian Gulf straddling the common border between Iran and Qatar. The field's reserves are estimated at 14 trillion cubic meters of gas and 18 billion barrels of condensate.

South Pars makes nearly 50 percent of the country’s and 8 percent of the world’s gas reserves.

Iran, which sits on the world's second largest natural gas reserves after Russia, has been trying to enhance its gas production by increasing foreign and domestic investments, especially in its South Pars gas field.

Source: Pars Oil & Gas Company

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