Iran starts drilling four wells at South Pars gas field

offshore4-ezionIran has started drilling four offshore wells as part of Phase 1 of the South Pars gas field development in the Gulf

According to a report from the Islamic Republic News Agency, Mohammadreza Takaidi, an official with the National Iranian Drilling Company, said that the Pars Oil and Gas Company will complete the drilling of the wells within 280 days.

Mousa Souri, MD, Pars Oil and Gas Company, had said in September 2012 that Iran will be able to earn US$8bn in revenue from every phase of the South Pars gas field.

Souri had noted that the gas field accounts for eight per cent of the global gas reserves and added that the development of each of the 24 phases could cause a one per cent growth in the national economy.

Farhad Izadjou, South Pars project manager, said, “The South Pars gas field phases 22-24 will produce around 12.5mn cubic metres of natural gas once the phases become operational by May 2013.

“More than US$5.1bn will be invested to develop the three phases, which will hopefully produce 56.6 mn cubic metres of sour gas, 75,000 barrels of gas condensates, 400 tonnes of sulphur and 870 tonnes of LPG.”

The South Pars gas field covers an area of 9,700 sq km, 3,700 sq km of which are in Iran’s territorial waters in the Gulf.

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