TEHRAN (Tasnim) – Iranian President Hassan Rouhani on Tuesday inaugurated the 12th development phase of the massive offshore South Pars gas field, known as the grandest project in Iran’s oil industry that generates $17.5 million a day in revenue.
The city of Kangan, located at the southern province of Bushehr, saw President Rouhani inaugurate the 12th phase in a ceremony attended by ranking officials including Oil Minister Bijan Namdar Zanganeh.
Speaking to reporters on Monday, Zanganeh had announced that the 12th phase, which has been totally designed and developed by the local experts, has cost more than $7.5 billion.
The 12th phase can produce 80 million cubic meters of gas and 120,000 barrels of gas condensates on a daily basis, bringing the country $17.5 million in revenue every day, he added.
The minster hailed coming into service of the new phase as a helpful source of revenue while Iran is hit by “cruel economic sanctions” and the global oil price decline has diminished the country’s financial resources.
The 12th phase extends over an area of approximately 205 square kilometers along Iran-Qatar joint border. Located at a distance of 105 kilometers from the coast, the 12th phase alone contains about 5 percent of the whole gas reserves in the South Pars filed.
South Pars is part of a wider gas field that is shared with Qatar. The larger field covers an area of 9,700 square kilometers, 3,700 square kilometers of which are in Iran’s territorial waters (South Pars) in the Persian Gulf.