Iran to Launch Major South Pars Development Phase in October

The biggest phase of South Pars gas development project is scheduled to come on stream in October 2012, a senior Iranian oil official announced.

The South Pars gas field is shared by Iran and Qatar. The Iranian share, which is divided into 24 phases, has about 14 trillion cubic meters of gas, or about eight percent of the total world reserves, and more than 18 billion barrels of liquefied natural gas resources.

Managing-Director of Iran’s Pars Oil and Gas Company (POGC) Mousa Souri told reporters that 12th phase of South Pars gas field with an output of 84 million cubic meters of sour gas on a daily basis will be launched in late 2012.

He added that 38 percent of phase 12 of South Pars gas filed has been completed and onshore and offshore gas refining installations of the phase are due to become operational next year.

Iran has 137.6 billion barrels of proven oil reserves and 29.61 trillion cubic meters of proven gas reserves, ranking third in the world in oil reserves and second in gas reserves.