South Pars Exports at $6.5b

South Pars Exports at $6.5bSouth Pars Exports at $6.5b

Iran exported more than 12 million tons of oil and non-oil goods worth $6.5 billion from South Pars, its biggest gas field in the Persian Gulf during the first half of the current Iranian year (began March 21), said the managing director of Special Pars Economic Energy Zone.

"Gas condensate exports claimed over $2.5 billion of this amount and about $4 billion pertained to non-oil products," Mehdi Yousefi was quoted as saying by Shana.

Yousefi added that oil and non-oil exports saw a 30% hike vis-à-vis the corresponding period of last year in terms of tonnage, but had a decrease in price due to a decline in global oil prices.

Additionally, 70 tons of goods and gears were imported via the special economic zone, but the rate is targeted to shrink by the year as the zone's projects are completed.

Improving gas extraction rate from South Pars is a major priority, given the field's capacity to bring in large revenues every year.

The income from the remaining 14 phases of the field will amount to more than $30 billion annually, or $100 million per day.

Under the current Iranian administration, more than 70% of the Oil Ministry's resources were allocated to development projects in South Pars, increasing sweet gas extraction by a daily rate of 100 million cubic meters.

South Pars is the world's largest gas field, shared between Iran and Qatar, and covers 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 field holds an estimated 40 trillion cubic meters of natural gas, or equal to roughly 8% of the world’s reserves and approximately 18 billion barrels of condensate.

SP output accounts for more than 50% of Iran's total gas production capacity, which is expected to rise to 75% next year once the seven high-priority phases of the field are complete.