TEHRAN (FNA)- Managing-Director of the National Iranian Oil Company (NIOC) Ahmad Qalebani announced that all phases of the South Pars gas field will come online in the near future.
"Phases 15 and 16 and parts of phases 17 and 18 of South Pars gas field will become operational by the end of current Iranian year (ends March 20, 2014), while the remaining phases will become operational within next two years," Qalebani said.
He noted that the executive works for phases 17 and 18 of South Pars gas field are well on the right track.
In November 2012, an Iranian deputy oil minister said that a sum of $80 billion will be invested in the development and completion of South Pars gas field phases.
The South Pars gas field covers an area of 9,700 square kilometers, 3,700 square kilometers of which are in Iran's territorial waters in the Persian Gulf. The remaining 6,000 square kilometers, i.e. the North Dome, are in Qatar's territorial waters.
The South Pars gas field holds 8 percent of total gas reserves of the world and half of the country's proven gas reserves as well as is the host of the most important industrial complexes of the country and the most important part of oil industry's value chain.