Iranian gas extraction from giant South Pars field more than doubles

By bne IntelliNews August 10, 2017

Daily gas extraction from the Iranian part of the giant South Pars gas field in the Persian Gulf has more than doubled in the past four years, the Young Journalists Club (YJC) reported the managing director of Iran’s Pars Special Economic Energy Zone (PSEEZ) as saying on August 9.

Four years ago the production level stood at 270mn cubic metres per day but extraction was presently running at 600mn cubic metres per day, Mehdi Yousefi reportedly said.

Such a rate would mean that the Iranian extraction rate has reached that of Qatar, which shares the gas field - reckoned by some estimates to be the world’s largest - with Iran.

In April, South Pars phases 17, 18, 19, 20 and 21 were inaugurated by Iranian President Hassan Rouhani, while in July French energy major Total committed itself to a multi-billion-dollar deal to develop phase 11. The deal was on August 2 blessed by the top Tehran government body that oversees joint ventures with foreign partners.

Iran’s planned development of the South Pars gas field has been divided into 28 phases.

The field covers an area of 9,700 square kilometres, of which 3,700 square kilometres belongs to Iran.

YJC said it is estimated that the Iranian section of the field contains 14tn cubic meters of gas and 18bn barrels of condensates.

The official SHANA energy news agency reported in May that Iranian oil extraction from South Pars had reached more than 1mn b/d.

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