Iran has begun drilling of the first development well for the South Pars gas field phases 22-24.
The drilling process is being carried out by Sina drilling rig, which drilled the first exploratory well in June 2012.
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Studies have revealed that the drilled oil layer’s production capacity is about 20 million cubic feet of natural gas per day.
Phases 22-24 project manager Farhad Izadjou said that about 12.5 million cubic meters of natural gas will be produced from the South Pars gas field once it becomes operational in May 2013.
Izadjou also said that there are plans to invest $5.144bn to develop the three phases, which will produce an estimated 56.6 million cubic meters of sour gas, 75,000 barrels of gas condensates, 400tof sulfur and 870t of LPG.
In June, Iran Oil Minister Rostam Qasemi said that the nation has realised the importance of increasing gas production capacity from its joint oilfields along with Qatar and Saudi Arabia.
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By GlobalDataThe South Pars gas field is shared by Iran and Qatar, of which Iran holds 29 phases, comprising about 14 trillion cubic meters of gas, equal to 8% of the total world reserves and over 18 billion barrels of liquefied natural gas resources.
With the world’s second largest natural gas reserves after Russia, Iran is planning to expand its gas production capacity by increasing foreign and domestic investments, especially in its South Pars gas field.
Image: Iran drills first development well at South Pars gas field. Photo: courtesy of Pars Oil and Gas.
