Two South Pars phases to start early production in July

TEHRAN,Jan.31(MNA)--The phases 17 and 18 of the South Pars gas field will start early production in July and will be officially inaugurated by October, the Pars Oil and Gas Company (POGC) managing director said on Monday. POGC head Mousa Souri said that the two phases are projected to produce 25 million cubic meters of natural gas per day. Five billion dollars in bonds will be issued in the current Iranian calendar year (to end March 20) to speed up the implementation of South Pars gas field projects. Seven phases of the South Pars gas field will certainly come on stream and start early production in the next (calendar) year, the National Iranian Oil Company (NIOC) managing director said in December 2011. The phase 12 (equivalent to three phases), and the phases 15, 16, 17, and 18 development plans have progressed by around 60 percent, NIOC head Ahmad Qalebani told . Iranian Oil Minister Rostam Qasemi has ordered all the contractors of the South Pars gas field development projects to work round the clock in three shifts to complete development of all phases, especially the phases 12, 15, 16, 17 and 18. Iran has attached the priority to boosting gas production capacity from its joint oilfields with Qatar and Saudi Arabia, Qasemi said. Iran sits on the world's second largest natural gas reserves after Russia and is trying to grow its gas production by increasing foreign and domestic investments, especially in its South Pars gas field. The South Pars gas field is shared by Iran and Qatar. The Iranian share, which is divided into 29 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.