Managing Director of Pars Oil and Gas Company (POGC) Mohammad Meshkinfam said on Tuesday that South Pars gas output has risen by 140 million cubic meters marking a record output growth.
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.