TEHRAN (FNA)- Iranian Oil Minister Bijan Namdar Zanganeh announced that four phases of the country's giant South Pars gas field will come online by the end of the next Iranian year (March 20, 2015).


"We will gain $27bln revenues by launching four phases of the South Pars and replacing liquid gas with the gas produced in these phases in the next one and a half years," Namdar Zanganeh said in Tehran on Monday.

He described development of phases 12, 15, 16, 17 and 18 of the South Pars as one of the oil ministry's top priorities, and said, "We should use all our power to develop and launch these phases as soon as possible."

In relevant remarks in June, former Managing-Director of the National Iranian Oil Company (NIOC) Ahmad Qalebani announced that all phases of the South Pars gas field will come online in the next two years.

"Phases 15 and 16 and parts of phases 17 and 18 of South Pars gas field will become operational by the end of current Iranian year (ends March 20, 2014), while the remaining phases will become operational within next two years," Qalebani said.

He noted that the executive works for phases 17 and 18 of South Pars gas field are well on the right track.

In November 2012, an Iranian deputy oil minister said that a sum of $80 billion 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.

By Fars News Agency

 

The Iran Project is not responsible for the content of quoted articles.