Phase 12 gas output poised to hit 2.4bcf/d by Winter

TEHRAN July 12 (Shana)–Production of natural gas from Phase 12 of the supergiant South Pars gas field will reach 2.4 billion cubic meters a day before winter, operator of the phase said.

Rasoul Falahnejad said although the phase was officially launched in March, it is not operating at 100% of its capacity for the time being.

Before winter, the phase will be fully operational once three more wills are drilled at platform 12B of the phase to produce gas, Falahnejad said.

The wells are expected to produce 7mcm/d of natural gas, he added.

Phase 12 development of South Pars, which is jointly operated by Iran and Qatar, is forecast to earn the Islamic Republic $17.5 million a day in revenue from gas condensate sales.

Phase 12, operated by Pars Oil and Gas Company (POGC), was awarded in July 2005 to Petropars Limited under a buyback deal.

South Pars, divided into 29 development phases, holds 40 tcm of natural gas, or 21% of world’s total gas reserves, and 50 billion barrels of condensate.

South Pars 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 are situated in Qatar’s territorial waters.

The gas field is estimated to contain a significant amount of natural gas, accounting for about eight percent of the world’s reserves, and approximately 18 billion barrels of condensate.