SHANA- Managing Director of south Pars Oil and Gas Company (POGC) Mohammad Meshkinfam says daily gas recovery from South Pars gas field will rise by 140 million cubic meters.

Speaking to reporters on the 18th anniversary of the establishment of the POGC, Meshkinfam said his company will break its daily gas extraction record and by end of this Iranian calendar year of 1395 to March 20 2017, 140 million cubic meters/day will be added to the capacity of gas extraction from the field.

He said such a figure obtained within one year has been unprecedented in history of gas recovery from South Pars field.

He added that up to so far this year, 95 million cubic meters/day has been added to the capacity of gas extraction from the field and it will reach 140 million cubic meters a day by end of the year.

The official said total amount of gas extraction from 10 phases of South Pars field was 282 million cubic meters a day in the year 1392 (2013-14) and now with transfer of gas from phase 21 to the nationwide gas trunkline, the figure has reached 500 million cubic meters a day.

By the weekend, as the second station of phase 20 refinery comes on stream, gas recovery from South Pars joint field will reach 515 million cubic meters a day, according to Meshkinfam.

On the whole, 91 billion dollars should be invested in the project for development of South Pars gas field and from the year 1377 (1998-9) (when development of South Pars gas field's phases began) up to this year's Azar (November 21-December 20), the 9th month in Iranian calendar, the cash has been spent on development of the phases of the gas field, announced Meshkinfam.

He added that based on plans, 21 billion dollars more will be spent on development of the remaining phases of the field.

The official put total amount of gas production from South Pars gas field by end of 1394 (March 21-March 19) at about 879 billion cubic meters and said the amount of gas extracted had earned the country 378 billion dollars, which is about four times the investment made in development of South Pars gas field.

He added that for instance, Iran in 1394 extracted a collection of 131 billion cubic meters of gas from South Pars gas field, which fetched the country 46 billion dollars in revenue.

The gas official put the area South Pars joint gas field covers at 9,700 square kilometers and said 3,7000 kms out of the total lies in Iran.

The official said eight percent of the world's gas reserves lie in the joint reservoir. Additionally, 14 trillion cubic meters of gas reserves and 18 billion barrels of gas condensate reserves are in the field.

The POGC Managing Director said based on the schedule and by end of the year 1396 (2017-18), all phases of South Pars, except phase 11, for development of which a Head of Agreement (HoA) was signed with Total, CNPC of China and Petropars, will be completed.

Taking gas sold for 25 cents and gas condensates for 50 dollars, with completion of all phases of South Pars, 272 million dollars revenue in day, namely 90 billion dollars in revenue in year, will be earned for the country, he said.

He added that 13 refineries will be active in South Pars gas field and until now, projects for setting up 10 refineries have been commissioned or they are operational.

With completion of the phases of South Pars, 40 gas platforms will be installed and 415 wells will be drilled, said the official, adding that up to so far, 2,400 kms of pipelines have been laid in the sea bed and 25 platforms have been fixed.

Taking the platforms for phase 11 into consideration, 15 more platforms will be installed in the future, said Meshkinfam.

He concluded that furthermore, 258 wells have been delivered to the operator.