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NIOC to Spend $500m for South Pars

Source: Shana 5/24/2014, Location: Asia

National Iranian Oil Company (NIOC) is to provide the remaining 500 million dollars needed for the Phase 12 development of the giant South Pars gas field.

Rasoul Fallahnejad, director of Phase 12 development, said this sum makes five percent of the total credit needed for the project.

He said that contractors have worked seriously in recent years in Phase 12 despite tough sanctions against Iran’s energy sector.

Production from Phase 12 of the offshore South Pars gas field is expected to soar to 25 million cubic meters per day in late May or in June.

The rise in production is expected as a gas desalting unit in the Phase 12 refinery is ready for start-up.

Sour gas production in Platform A of this phase would rise to 1 bcm in two weeks.

At present, Phase 12 is producing 12 mcm/d of gas.

Installation of platforms B and C of Phase 12 of South Pars are expected to be completed in June or July.

All wells of this phase are ready to start gas production.

Phase 12 of South Pars gas field is developed to produce 75 mcm/d of rich gas for feeding national pipeline (50 mcm/d) and liquefied natural gas (LNG) production units. This phase is also forecasted to supply 120,000 b/d of gas condensate and 750 tons a day of sulfur.

Petropars is the main contractor for this phase development.

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