40% Progress Recorded In SP Phase 14 Development Project

Bushehr, July 3, IRNA – The official in charge of project on development of phase 14 of South Pars gas field Saeed Sattari says 40 percent progress has been registered in the implementation of the project. Sattari said operations will begin next month to drill 44 appraisal wells once necessary jackets are installed. He said two drilling machines have been set up in the area for the purpose. He added that a 55-percent progress has also been recorded in a project for laying pipelines. The South Pars gas field is located in the Persian Gulf in the border area between Iran and Qatar. The field's reserves are estimated at 14 trillion cubic meters of gas and 18 billion barrels of gas condensates. The South Pars field covers an area of 3,700 square kilometers. The process of developing gas production projects in the South Pars Special Economic Energy Zone is divided into 28 phases, which will officially come on stream in the next 35 months. Iran has 137.6 billion barrels of proven oil reserves and 29.61 trillion cubic meters of proven gas reserves, placing it at the third place in the world in terms of oil reserves and second in terms of gas reserves./end