Iran Inaugurates South Pars New Phases

Iran Inaugurates South Pars New Phases

The Iranian President, Hassan Rouhani, inaugurated the new four development phases of South Pars field on March 17, according to a Twitter statement by the Iranian oil ministry, Reuters reported.

Iran had announced the development phases on March 12 without giving further information about its inaugural.

The country has invested around $11 billion to complete the new phases.

Launching the development phases is expected to increase the country’s gas production capacity by 110 million cubic meters per day (mcm/d), according to the statement.

The gas production at South Pars is expected to be more than 750 mcm/d by late 2019. Meanwhile, the country produces around 841 mcm/d in the current year, which began in March 2018, according to Oil Minister Bijan Zanganeh.

Iran expects to produce 880 mcm/d in the next year and 950 mcm/d the following year, Zanganeh added.


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