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Five phases of South Pars Gas Field will be up and running in the next few weeks. Oil Minister Bijan Namdar Zanganeh said. The five phases are forecast to generate $10 billion in annual revenues.
President Hassan Rouhani will inaugurate phases 17-21 of South Pars by the end of the present fiscal year that ends on March 20. Zanganeh was quoted as saying Thursday on state TV. Shana reported.
There are some shortcomings in the five phases. but we will tackle these issues within the next 20-30 days. the minister said.
South Pars is the world`s largest gas field shared by Iran and Qatar in the Persian Gulf. Iran is now drawing around 500 million cubic meters per day of natural gas from the joint field with the tiny Arab state`s output reportedly at 650-700 mcm/d.
Zanganeh said the total output from the new phases will amount to 150 mcm/d. or 50 billion cubic meters of gas per annum. Once fully operational. the new phases will push Iran`s gas output within a striking distance of Qatar`s production rate.
The minister added that Phase 19 alone is equivalent to two conventional South Pars phases in investment and operational terms.
The new phases will also raise the production of gas condensates by 250.000 barrels a day. or 90 million barrels a year and generate upwards of $10 billion a year in revenues.
Data show that Iran`s output from South Pars has soared by 250 mcm/d over the past three and a half years. In the previous fiscal year alone. South Pars` output increased by nearly 100 mcm/d.
