Meshkinfam said that since its operation in 1377 (1998-99) until end of (March 19, 2016) the last Iranian year of 1394 (2015-16), South Pars gas field’s total production capacity stood at about 879 billion cubic meters, earning the country 378 billion dollars.

He said gas production capacity of South Pars was about 285 million cubic meters a day in 1392 (2013-14) which will soon increase to 515 cubic meters a day once parts of phase 21 of South parts come on stream.

He said that gas production from South Pars will hit record high this year and the field’s output capacity will reach 140 million cubic meters by March 19, 2017.

‘Up to so far, 95 million cubic meters of the figure has been met.’

Meshkinfam said that 91 billion dollars investment should be made for development of all phases of South Pars : 31 billion dollars in project for development of the operational phases and 61 billion dollars for the phases under construction.

Some 21 billion dollars out of the said sum should be invested in South Pars by next two years, he said.

The official said the field’s earnings are four times the sum of investment.

‘In 1394 (2015-16), about 131 billion cubic meters of gas were extracted and the value of the gas and related products produced was 46 billion dollars. The budget proposed for South Pars in 1395 (2016-17) was about six billion dollars and within nine months since start of this Iranian year (March 20), about for billion dollars investment was made.’

By end of this year, all phases of South Pars, except phase 11, will be completed and thus far, 10 refineries have been operational in South Pars and three more are to be built.

The POGC Chief said 258 out of 415 wells and 25 out of 40 platforms due to be operational in South Pars.

He predicted that with completion of a number of half-finished phases, gas production in South Pars will increase between 540 and 550 billion cubic meters by end of this year.

‘Now, daily 600,000 barrels of gas condensates are produced in South Pars and the figure will reach 680,000 barrels by end of this year.’

Elsewhere in the press conference, Meshkinfam said a French company is now serving as international consultant studying pressure drop in South Pars wells and based on the outcome of the study, operations will start to design and construct pressure drop platforms.

‘A contract, that will be signed with French Total for development of phase 11 of South Pars gas field, envisions construction of platforms to check the pressure drop.’

He said Total is going to transfer know-how with construction of the pressure drop platforms to Iran.

‘A model Total uses to check pressure drop in phase one is going to be followed and used in development of other phases.’

He noted that Total envoys have visited the platform construction companies in Iran.

He said Total is to be rewarded for partnership in development of phase 11.

‘The award is envisaged for 20 years in proportion with increase or decrease in the production.’

On conclusion of deal with Indians for development of Farzad B gas field, he said that National Iranian Oil Company follows up the matter.

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Oil Minister Bijan Namdar Zanganeh told Tasnim News Agency on Monday that Total will assume the responsibility to install a pressure booster station in Phase 11 to fix its output at two billion cubic feet per day for 15 to 20 years.

Earlier, Iran and Total signed an agreement on the development of South Pars Phase 11. The deal involves a consortium led by Total, which also includes China National Petroleum Corporation (CNPC) and Iran’s Petropars.

The first output of the phase is expected 40 months after the deal is struck, the minister further said, noting that Total will set up the pressure booster at the huge energy hub three to four years after the first production.

Noting that the move is aimed at tackling the drop in energy pumped from Phase 11, he added that other phases of the gas field will be also equipped with pressure booster stations in the future.

According to the deal, Total would operate the project with a 50.1 percent stake, while Petropars, a subsidiary of the NIOC, and Chinese state-owned oil and gas company CNPC would have a 19.9 percent and 30 percent stake, respectively.

South Pars Phase 11 will have a production capacity of 1.8 billion cubic feet per day, or 370,000 barrels of oil equivalent per day. The gas from the field will be fed into Iran’s gas network.

South Pars covers an area of 9,700 square kilometers, of which 3,700 square kilometers are in Iran’s territorial waters in the Persian Gulf. The remaining 6,000 square kilometers are located off Qatar.

The gas field is estimated to contain a significant amount of natural gas, accounting for about eight percent of the global reserves, and approximately 18 billion barrels of condensates.

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“The production capacity of South Pars has reached 515 mcm/d,” said Alireza Ebadi, the head of South Pars phases 20 and 21 development project, Shana reported.

The nominal production capacity of South Pars stood at 430 mcm/d during the last fiscal year (March 2015-2016). Iran also plans to launch the platform for Phase 20 with an output of 28 mcm/d in the coming weeks.

Phases 20 and 21 are a joint project aimed at producing 56 mcm/d of gas, 77 barrels per day of gas condensate, one million tons of propane and butane per year, as well as the same amount of ethane.

Iran inaugurated the second platform of Phase 18 on December 6, adding 14 mcm/d of gas to the output capacity.

Phases 17 and 18 are a joint project with an output of 43 mcm/d. Iran plans to install the second platform at the Phase 17 and make it fully operational with an output of 56 mcm/d in winter.

Iran plans to increase the gas production level at South Pars to 530 mcm/d by March 2017.

Iran’s total gas output is also planned to reach about 830 mcm/d.

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