Rise in SPGC Production, Exports

SP condensates output exceeded  86 million barrels in five months.SP condensates output exceeded  86 million barrels in five months.

Production of natural gas from South Pars field in the Persian Gulf in the first five months of the fiscal year (March 21-Aug. 22) reached 68 billion cubic meters, the managing director of South Pars Gas Complex, operator of the mega gas project, said.

Masoud Hassani added that the figure is 15% higher than the South Pars gas output in the same period of last year, ILNA reported.

South Pars refineries have produced nearly 55 billion cubic meters of sweet gas so far in the current fiscal, up 16% year-on-year.

Gas condensates production from the world's largest gas field has exceeded 86 million barrels over the past five months, showing a 13% rise.

Referring to the 28% increase in ethane production in the five-month span, Hassani said the product’s output has reached over 1.1 million tons from 886,000 tons in the same period of last year.

South Pars also produced 590,000 tons of propane, 350,000 tons of butane and close to 220,000 tons of sulfur in five months.

***SP’s Two-Year Target

Oil Minister Bijan Namdar Zanganeh said in a televised interview on Monday that gas production from South Pars is currently slightly higher than that of Qatar and is planned to reach 700 million cubic meters in two years, ISNA reported.

Iran is now extracting over 550 mcm/d from South Pars.

Zanganeh noted that over the two-year period, Iran will complete all South Pars phases, except Phase 11, which is set to become operational in three years. French energy company Total signed a $5 billion agreement last month to develop the phase.

The country is developing the massive gas field in 24 phases. It is the world’s largest gas field shared by Iran and Qatar, covering an area of 3,700 square kilometers of Iran’s territorial waters in the Persian Gulf.

South Pars holds an estimated 40 trillion cubic meters of natural gas, or roughly 8% of the world’s reserves and approximately 18 billion barrels of condensates. It adjoins Qatar’s North Field that spans over 6,000 square kilometers.

Iran wants to raise total natural gas production to more than 1 billion cubic meters per day in the current fiscal year that ends in March 2018 from around 880 mcm/d at present.

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