Iran is expected to bring its natural gas production to more than one billion cubic meters a day (bcm/d) by March next year, an Iranian deputy petroleum minister says.
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“Currently, Iran has the capacity to produce 660 million cubic meters a day (mcm/d) of gas. Based on plans, this amount of production will exceed 1 bcm by” March 2016, Rokneddin Javadi said on Tuesday.
Javadi, who is also managing director of National Iranian Oil Company (NIOC), said the projected gas output hike is enshrined in the country’s Fifth Five-Year Economic Development Plan (March 2012-March 2016).
He said that Iran plans to conduct deepwater drilling in the Caspian Sea and the Sea of Oman in the coming years in order to raise its oil and gas production.
Javadi said 140 to 150 onshore and offshore drilling rigs are currently operating in Iran.
He also said that Iran can produce 4 mb/d of oil, noting that its oil output is much lower due to Western sanctions against Iran’s oil sector.
South Pars Ready for Startup
Javadi (pictured above) said the main phase of the giant offshore South Pars gas field is ready to come on-stream.
“This phase (Phase 12) is not half-finished and is ready for inauguration,” he sadi, adding that the onshore and offshore sections of Phase 12 are 100% completed.Qatar
South Pars, jointly operated by Iran and Qatar, holds 40% of Iran’s gas deposits. This reservoir, sprawling on 3,700 square kilometers, contains 14.2 tcm of gas and 19 billion barrels of gas condensate. The offshore reservoir can earn the Islamic Republic several trillion dollars in revenues.
This gas reservoir is instrumental in boosting Iran’s national, regional and international status. Despite all sanctions and financial restrictions, Iran has managed to add around 100 mcm/d to its gas output from South Pars. Consequently, Iran’s gross national product will grow remarkably and that would be a big achievement for Iran’s economy.
Phase 12 development of South Pars is supplying more than 50 mcm/d of gas. Inauguration of this phase will allow the extraction of 3 bcf/d of sour and sweet gas. Furthermore, 120,000 b/d of condensate (more than 34 million barrels a year) and 750 tons of granulated solid sulfur will be produced from this phase. Therefore, Iran’s gas condensate production will grow more than 22% and its gas production more than 16% year-on-year. /SR
