Iran to double output at South Pars gas field

TEHRAN,Jan.6(MNA) -- Iran will double output at the South Pars gas field, Iranian Oil Minister Rostam Qasemi said on the sidelines of the inauguration ceremony of the Sarajeh gas storage facility. The South Pars/North Dome field is a gas field located in the Persian Gulf. It is the world’s largest gas field and is shared by Iran and Qatar. The field’s recoverable gas reserves are estimated to be equivalent to 215 billion barrels of oil. It also holds about 16 billion barrels of recoverable condensate. The South Pars field, which is divided into 29 phases, has about 14 trillion cubic meters of gas, or about eight percent of total world reserves. On September 9, 2012, Qasemi announced that Iran’s exploitation of the South Pars gas field will match the level of Qatar’s exploitation of the North Dome gas field by the end of Iranian calendar year 1392 (ends March 20, 2014) if $54 billion is invested in gas projects. “For the development of this gas field, an investment of 650 billion rials (over $54 billion) has been put on the agenda,” Qasemi added. Iran sits on the world's second largest natural gas reserves after Russia.