Phase 12 of South Pars ready for startup

Managing-director of Pars Oil and Gas Company Ali-Akbar Shabanpour

Managing-director of Pars Oil and Gas Company Ali-Akbar Shabanpour

TEHRAN Feb 24(Shana)–Phase 12 of the giant South Pars gas field is ready for full operation, managing-director of Pars Oil and Gas Company said.

“This phase is now in best conditions for inauguration, but it should have come online sooner than now,” Ali-Akbar Shabanpour said.

He said that Phase 12 managed to meet winter fuel demand to a great extent this year.

South Pars holds 40% of Iran’s gas reserves. This reservoir, sprawling on 3,700 square kilometers, contains 14.2 tcm of gas and 19 billion barrels of gas condensate.

The offshore reservoir, which is jointly operated by Iran and Qatar, can earn the Islamic Republic several trillion dollars in revenues. Over the past century, Iran has gained $880 billion from crude oil exports.

At today’s price of $50 a barrel, Iran’s 100-year revenues from oil sales would become $3.6 trillion, which is still lower than the $4.4 trillion estimated for South Pars.