Iran reports high gas output from South Pars field

Iran's Pars Oil and Gas Company (POGC) has said that South Pars gas field has produced in excess of 43 billion cubic metres of gas, in the first half of 2010.

"From September 23 to October 22, around 278 million cubic meters of rich gas has been produced in phase 2, 881 million in phase 3, 1,844 in phase 4 and 2,185 in phase 5 of the development project in south pars," said POGC spokesman Hossein Nosrat-Zadeha.

Speaking about the production numbers, Nosrat-Zadeh said that in the past seven months, 4.275 million cubic metres of gas were produced in phase 1 along with 193 million cubic metres in phases 2 and 3. The production volume in phases 4 and 5 has been registered at 11.734 billion cubic metres and 16.422 billion cubic metres of rich gas in phases 6, 7, 8 of South Pars project.

He added that production in phases 6, 7 and 8 in the one-year period starting April 2009 stood at 19.654 billion cubic metres. This is while in the five months left to the end of 2010, the figure stands at 16 billion and will run much higher by April 2011. Nosrat-Zadeha said that the planned opening of phases 15, 16, 17 and 18 in less than two years would elevate Iran's position as a major energy producer.

Source: Press TV

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Iranian government issues $500 million in bonds to develop South Pars gas field

Head of Pars Oil and Gas Company (POGC), Ali Vakili, has said that the Iranian government has issued $500 million in bonds to finance the development of South Pars gas field.

“POGC has received the required permit from Iran's central bank to issue some $3 billion in bonds during the current Iranian calendar year to finance the South Pars gas project,” said Vakili.

The first installment of participation bonds is expected to be offered sometime in August through Iran's Sederat Bank. The South Pars gas field is co-owned by Iran and Qatar. Iran's share of the field is said to contain reserves of about 14 trillion m³ of gas, which accounts for about eight per cent of the total world gas reserves.

Vakili has said that investment in the South Pars gas field has increased by 120 per cent, which he attributed to the issuance of € 3 billion in foreign currency bonds, and $3 billion in national participation bonds. He also said that during the month of July investment in South Pars surpassed $11 billion.

“Due to accurate planning, this year there will be no problem with regard to funding the South Pars project,” Vakili added.

Source: Tehran Times

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