Iran's 19th Phase of South Pars Exceeds $3 bln

Iran's revenue from the sale of gas and gas condensate produced in the 19th phase of the giant offshore South Pars field, located in the southern Iranian province of Bushehr, between April 21, 2016 and September 6, 2017, exceeded $3 billion.

During this period, 13.05 million barrels of condensate gas were produced, all raw materials were exported, and 11 billion cubic meters of gas was sent to the national network of Iran.

Four gas production platforms are installed on the shelf of the site.

‘South Pars’ is a joint gas field of Iran and Qatar. The part of the gas field that is located on the territory of Qatar is called the ‘North Dome’.

The South Pars gas-bearing region contains 30 trillion cubic meters of gas and 18 billion barrels of condensate. Iran has been working on the stage-by-stage development of the field since the 1990s, dividing it into 28 plots (phases). The South Pars deposit is by far one of the largest oil and gas fields in the world, located in the central part of the Persian Gulf on an area of 9.7 thousand square kilometers, of which 3.7 thousand are located on Iranian territory in the Persian Gulf, and the rest within the borders of Qatar.

Iran previously announced that it needed $20 billion in investments to launch the remaining phases of the South Pars gas field.

“After the abolition of international sanctions, the Islamic Republic hopes to attract these funds using new types of oil contract, domestic resources, as well as the capital market,” said Energy Minister of Iran, Bidjan Namdar Zangane.

When production is at full capacity, the field will be able to produce up to 700 million cubic meters of gas per day.

Dimitri Dolaberidze