Economy

South Pars phase 12 exports 10th cargo of condensate

A tenth cargo of gas condensate has been exported from the main phase of the giant offshore South Pars gas field, director of Phase 12 said.

A tenth cargo of gas condensate has been exported from the main phase of the giant offshore South Pars gas field, director of Phase 12 said.

TEHRAN March 15(Shana)–A tenth cargo of gas condensate has been exported from the main phase of the giant offshore South Pars gas field, director of Phase 12 said. Rasoul Fallahnejad said gas condensate exports from Phase 12 have now reached 11.3 million barrels.

Phase 12, which is to be inaugurated on Tuesday, is the main of the gas field which Iran and Qatar share in the Persian Gulf waters.

Phase 12 development of South Pars is supplying more than 50 mcm/d of gas. Inauguration of this phase will allow the extraction of 3 bcf/d of sour and sweet gas.

Furthermore, 120,000 b/d of condensate (more than 34 million barrels a year) and 750 tons of granulated solid sulfur will be produced from this phase. Therefore, Iran’s gas condensate production will grow more than 22% and its gas production more than 16% year-on-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 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.

If the gas recovered from South Pars is converted into other products to feed petrochemical industries, the earnings will be 10-fold higher. Coupled with revenues from South Pars oil layer, the real value of this national asset will become highly significant.

This gas reservoir is instrumental in boosting Iran’s national, regional and international status. Despite all sanctions and financial restrictions, Iran has managed to add around 100 mcm/d to its gas output from South Pars. Consequently, Iran’s gross national product will grow remarkably and that would be a big achievement for Iran’s economy.
, , , , March 15, 2015