Kish gas field near the southern Iranian island of Kish will produce 9 bcm of gas per year when its development plan is finished.
According to the Iranian media, Iran Economy Council has made a decision in its latest session, which was attended by First Vice President Eshaq Jahangiri and Oil Minister Bijan Zanganeh, to allocate $1.4 bn to the development of the field.
Once fully operational, the field will produce about 4 million barrels of condensate and 9 bcm of natural gas per year.
Petroleum Engineering and Development Company, which is in charge of the project, had already announced that the first phase of the gas field will come on-stream in winter.
Drilling operations in the field, which is the second largest known gas field in Persian Gulf is currently underway by the National Iranian Drilling Company.
Kish gas field is located below the Kish Island, southwest of the southern Iranian port city of Lengeh and 60 kilometers east of Lavan Island.
The field is expected to yield 25 million cubic meters of natural gas per day when in full swing, which will then be transferred to Aftab port city for processing.
Iran, which sits on the world’s largest gas reserves, is trying to enhance its natural gas production by increasing foreign and domestic investment in its gas fields.
In mid-June, managing director of the Iranian Gas Transmission Company said the country has hit a new record in natural gas output by producing a total of two billion cubic meters of gas per year.
Speaking in a ceremony in the southern Iranian port city of Bushehr, Mohammad Ali Emam noted that the annual production of 2 billion cubic meters of gas is a new record for the country.
Emam noted that at present Turkey, Nakhichevan and the Republic of Azerbaijan import natural gas from Iran, adding that new customers will be added to the trio in the near future.
Source: Press TV