Iran approves development of South Pars fields phases 6, 7 and 8

Nov 14, 2009 01:00 AM

Iranian government approved the development of the South Pars gas field's phases 6, 7 and 8 as a buy-back scheme worth $ 4.8 bn.
The decision stipulates for the maximum utilization of the domestic expertise based on the Fourth Socio-Economic Development Plan (2005-2010).

It is estimated that by implementation of this plan the nation's natural gas production capacity would be raised by 3.9 bn cfpd from the current figure of 3 bn cf.
Iran's gas condensates and gas oil production capacity would also be raised by 158,000 bpd and 1.6 mm tpy respectively from the current figures of 120,000 barrels and 1 mm tons.

The South Pars gas field is located in the Persian Gulf. It is the world's largest gas field, shared between Iran and Qatar.
According to International Energy Agency, the field holds an estimated 1,800 tcf of in-situ gas and some 50 bn barrels of condensates.

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