Development of SP Phases 15-16 Complete

Development of SP  Phases 15-16 CompleteDevelopment of SP  Phases 15-16 Complete

Development of the offshore sector of phases 15 and 16 of South Pars Gas Field has concluded and 50 million cubic meters of natural gas can now be extracted from the two phases, managing director of phases 15 and 16 said.

"The offshore platforms of phases 15 and 16 are complete," Arash Koohli was quoted by IRNA as saying.

The two offshore platforms are located more than 100 meters from the shore, each with a capacity to extract at least 28 million cubic meters of gas per day.

The phases will produce ethane, liquefied natural gas, or LNG, sulfur and gas condensate, besides extracting natural gas.

South Pars is the world's largest gas field, shared between Iran and Qatar, covering an area of 3,700 square kilometers of Iran's territorial waters in the Persian Gulf. It adjoins Qatar’s North Field, which measures 6,000 square kilometers.

According to reports, Iran produced 270 mcm/d of gas, 400,000 bpd of gas condensate, 8,000 tons of liquefied petroleum gas, 1,000 tons of sulfur and 5,200 tons of ethane from SP in 2014, which generated $56 billion in revenues.

On Tuesday, National Iranian Gas Company said Iran produced close to 70 billion cubic meters of gas in March-August, a 5% rise compared to the same period of last year.

NIGC Deputy Director Abdolhossein Samari added that the overhaul of all gas refineries nationwide is 55% complete, with the overhaul of Fajr Jam, Shahid Hasheminejad and the fifth South Pars refinery being carried out ahead of schedule.