News ID: 174159
Published: 0644 GMT December 20, 2016

South Pars gas extraction to rise by 140 mcm/d

South Pars gas extraction to rise by 140 mcm/d

Daily gas recovery from South Pars Gas Field will rise by 140 million cubic meters, said managing director of Pars Oil and Gas Company (POGC).

 Mohammad Meshkinfam, who was speaking to reporters on the 18th anniversary of the establishment of the POGC, said his company will break the record for daily gas extraction by mid-March, 2017, Shana reported.

He said such a figure obtained within one year has been unprecedented in the history of gas recovery from South Pars.

He added that so far this year, 95 mcm/d has been added to the gas extraction capacity from the field and it will reach 140 mcm/d by next March.

The official said total gas extraction from 10 phases of South Pars was 282 million cubic meters a day in the year to March 20, 2014 and now with the transmission of gas from Phase 21 to the nationwide gas trunkline, the figure has reached 500 mcm/d.

By the weekend, as the second station of Phase 20 refinery comes on stream, gas recovery from South Pars joint field will reach 515 mcm/d, according to Meshkinfam.

The development project of South Pars Gas Field will require a total investment of $91 billion, he said.

Total amount of gas production from South Pars stood at about 879 billion cubic meters until March 19, 2016, he said, adding, the field had brought $378 billion in revenues.

South Pars Gas Field covers 9,700 square kilometers of which 3,7000 square kilometers lies in Iran's territorial waters.

The official said the joint field holds about eight percent of the world's gas reserves. Additionally, the reserves of the field is estimated at 14 trillion cubic meters of gas and 18 billion barrels of gas condensate, he concluded.

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