$3b Hike in SP Added Value

$3b Hike in SP Added Value$3b Hike in SP Added Value

The added value generated by South Pars Gas Complex has increased by $3 billion in the first six months of the current Iranian year (started March 21, the director of the complex announced.

"According to available data, not only did we not experience a production decline over the March-September period, but also saw a hike in terms of added value to the tune of $3 billion compared to the corresponding period of last year," Massoud Hassani also told Shana.

Noting that the complex currently accounts for 54% of national gas production, Hassani said the rate will swell to 74% next year and reach 80% by the time the refineries' development projects are completed.

"South Pars gas refineries have managed to reduce energy consumption by implementing optimization tactics. They have also successfully curbed APG by over 50% which in turn reduces air pollution," he said.

APG, or associated petroleum gas, is a form of natural gas found in deposits of petroleum. It is often discharged as a waste product from the petroleum extraction industry. When it is burnt off in gas flares, it is referred to as flare 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.

The gas field has a capacity of producing 820 million cubic meters of gas per day.