Minister: Iran to Increase Production in South Pars Gas Field

TEHRAN (FNA)- Iranian Oil Minister Rostam Qassemi announced that the country plans to boost output of the South Pars gas field by three times through developing new phases of the field.
Qassemi said on Friday that once the new phases of the South Pars gas field in the Persian Gulf come on stream, the output of the giant gas field will witness significant growth.

Considering the extensive exploitation of the joint field by neighboring Arab countries, Iran should speed up and maximize its oil and gas extraction, he stated, noting that Iran shares joint oil and gas fields with Qatar, Iraq, and the Persian Gulf littoral states.

He went on to say that Iran's exploitation of joint fields is low compared to that of the neighboring countries.

During a visit to the remaining phases of South Pars earlier in the week, Qassemi said that phases 15 and 16 of the gas field would be launched in October.

The managing director of the Central Oil Fields Company of Iran said on Thursday that the country is ready to sign an agreement with Iraq to develop joint oilfields located in the border areas.

Mehdi Fakour stated that Iran is studying the details of an agreement that would help the two neighboring states increase their crude output.