Iran's Income from South Pars Gas Field to Hit $167bln in 2017

“Currently, 270 million cubic meters (mcm) of gas, 400,000 barrels of gas condensates, 8,000 tons of liquid gas, 1,000 tons of sulfur, and 5,200 tons of ethane are produced per day in South Pars gas field,” Managing Director of South Pars Gas Complex Massoud Hassani said, adding that current productions generate an annual income of $56 billion.

Hassani, however, predicted that once the number of refineries reaches 14 from the existing 5, this figure will hit $167 billion by the next three years.

The volume of daily gas extraction from South Pars reserves is expected to reach 430 mcm by the next three months and 750 mcm by early 2018, the South Pars official announced.

He also announced a 20 percent increase in the gas extraction volume in the first six months of this Iranian year (started on March 21, 2014) compared with the same period last year.

The South Pars gas field, whose development has been divided into 24 phases, is located in the Persian Gulf straddling the maritime border between Iran and Qatar. It is estimated that the Iranian section of the field contains 14 trillion cubic meters of gas and 18 billion barrels of condensates in place.

South Pars is part of a wider gas field that is shared with Qatar. The larger field covers an area of 9,700 square kilometers, 3,700 square kilometers of which are in Iran's territorial waters (South Pars) in the Persian Gulf. The remaining 6,000 square kilometers, referred to as the North Dome, are in Qatar's territorial waters.