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POGC announces development of South Pars to cause remarkable growth in national economy

Wednesday, Dec 26, 2012

Development of each phase of the South Pars Oil and Gas Field can add one percent to Iran's national economic growth , a senior Iranian energy official said.

The remarks were made by Managing-Director of Pars Oil and Gas Company (POGC) Mousa Souri on Monday.

The Iranian gas field accounts for eight percent of the global gas reserves, said Souri, adding that the development of every one of the 24 phases of the gas field can cause a one-percent growth in the national economy.

Late in November, Souri announced that Iran will increase gas production in the giant South Pars gas field, adding that the country will surpass Qatar's gas production in the shared field.

Souri said Iran's gas recovery from South Pars would equal Qatar's after five new phases of the giant field come on stream.

He added that the development of phases 12, 15, 16, 17 and 18 of South Pars would add nearly 200 million cubic meters per day (mcmpd) of sour gas to the shared field's output on the Iranian side.

Iran is currently producing 300 mcmpd of gas from South Pars.

Earlier in November, an Iranian deputy oil minister said a sum of 80 billion dollars will be invested in the development and completion of South Pars gas field phases.

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. the North Dome, are in Qatar's territorial waters.

The South Pars gas field holds 8 percent of total gas reserves of the world and half of the country's proven gas reserves as well as is the host of the most important industrial complexes of the country and the most important part of oil industry's value chain.

Source: Pars Oil & Gas Company

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