Phase 12 output to rise by 7mcm/d

TEHRAN May 13(Shana)–The natural gas recovered from phase 12 of the supergiant South Pars gas field will be raised by 7 million cubic meters per day once the last three wells of platform B of the phase become operational, the phase’s operator said.

Rasoul Fallahnejad said operations are underway to finish drilling of the last three wells which will take nearly two months to come online.

Currently, phase 12 produces nearly 50 cm/d of natural gas which is delivered to the phase’s refinery operated by South Pars Gas Complex, added Fallahnejad.

Once fully operational, phase 12 will raise the country’s GDP by 3%, he said.

Phase 12, which was inaugurated in March, is the main of the gas field which Iran and Qatar share in the Persian Gulf waters.

Inauguration of this phase allowed 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 is produced from this phase. Therefore, Iran’s gas condensate production is expected to 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 about $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.