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.

Read in IntelliNews Pro
Get IntelliNews Pro

Related Articles

$5.8bn Iran Mall to save troubled bank

Officials from Iran's Judiciary announced the country's largest shopping centre, Iran Mall, is worth IRR3.5 trillion ($5.8bn), ISNA reported on April 8. Iran Mall is globally ... more

Bank Melli Iran allowed to resume Iraq operations

Bank Melli Iran (BMI) has been given the go-ahead to resume its operations in Iraq by the Central Bank of Iraq, as reported by IBENA on February 9. This decision comes after a temporary suspension of ... more

Iran, Uzbekistan set to sign transport cooperation agreement soon

Iran and Uzbekistan plan to sign a comprehensive transport cooperation document in the near future, according to Iran's Minister of Roads and Urban Development Mehrdad Bazrpash, IRIB News reported on ... more

Follow Us On

Most Read

  1. Ukraine's birth rate plummets to 300-year low as country’s population collapses
    9 days ago
  2. EU finally boosts defence investment into arms production as Ukraine runs out of ammo
    1 month ago
  3. Don't mention the "D" word - Ukraine
    6 days ago
  4. The 'wet-bulb' set to kill hundreds of thousands of people if temperatures and humidity levels continue to rise
    4 days ago
  5. Fresh evidence suggests that the April 2022 Istanbul peace deal to end the war in Ukraine was stillborn
    9 days ago
  1. Russia could pay off its entire external debt tomorrow, in cash
    27 days ago
  2. Speculation swirls of “Men in Blue” in Crocus City Hall terrorist attack linked to FSB
    1 month ago
  3. Albanians campaign on social media to keep bus bridge created in freak accident
    1 year ago
  4. BRICS announce a blockchain-based payment system to create a common currency
    29 days ago
  5. Saudi Arabia to scale back plans for Neom city
    16 days ago

Reports

Dismiss