The CEO of the National Iranian Oil Company (NIOC) announced that the country will begin oil production in an oil field of the massive offshore South Pars by the end of the current Iranian year (March 20, 2017).
Speaking to the Tasnim News Agency, Ali Kardor said the development of the first phase of the South Pars oil layer is underway by Iranian companies with the aim of producing 35,000 barrels of crude oil per day.
He said the drilling of wells of the first phase have been completed, adding that oil production from the phase will begin by the end of the Iranian year after the installation of the Floating Production Storage and Offloading (FPSO) and wellheads.
South Pars is part of a wider gas field that is shared with Qatar. The larger field covers an area of 9,700 square kilometers, 3,700 square kilometers of which are in Iran’s territorial waters (South Pars) in the Persian Gulf.
The development of the South Pars gas field has been divided into 28 phases.
It is estimated that the Iranian section of the field contains 14 trillion cubic meters of gas and 18 billion barrels of condensates in place.
(Source: Tasnim, under Creative Commons licence)