News ID: 134872
Published: 0705 GMT January 12, 2016

Iran narrows gap with Qatar in joint gas field production

Iran narrows gap with Qatar in joint gas field production

Managing Director of the Pars Oil and Gas Company (POGC) said that Iran has dramatically narrowed the production gap with Qatar from the joint South Pars Gas Field following the launching of phases 15 and 16 of field on Monday.

"Iran is producing 420 mcm daily from the field while Qatar is producing 650 mcm," Ali-Akbar Shabanpour said in a televised program adding that Qatar used to produce 2½ times more that Iran prior to the completion of the development project, Shana reported.

Recalling that the import of compressors was banned under the stiff sanctions, he added, "The contractors, however, managed to launch the first sweetening train of the new phases' refinery last month which was a great achievement."

Shabanpour also said that the cost of implementing phases 15 and 16 reached about $5.5 billion which exceeded the initial estimates of $2.99 billion since the prices of equipment went up due to the sanctions.

According to the CEO, the return on investment can be achieved in less than two years since the newly-launched phases will earn $2.6 billion per annum.

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