President Rouhani officially inaugurated several oil, natural gas, and petrochemical projects worth of $20 billion in South Pars Gas Field in Iran’s Khuzestan province.
The phases 17, 18, 19, 20, and 21 of South Pars Gas Field were among the mega projects launched by the president.
Speaking to reporters after the historic inauguration, Rouhani called the day a ‘memorable’ one for Iran’s oil and gas industry.
He noted that Iran’s natural gas production capacity currently stands at 575 million cubic metres, which shows a sharp rise compared to 240 mcm four years ago.
The Iranian president also vowed that the country’s output from the gas field will exceed that of Qatar thanks to the projects inaugurated today.
South Pars is the world’s largest gas field shared by Iran and Qatar in the Persian Gulf.
Iranian Petroleum Minister Bijan Namdar Zanganeh had earlier noted the total output from the new phases will amount to 150 mcm/d, or 50 billion cubic meters of gas per annum. Once fully operational, the new phases will push Iran’s gas output within a striking distance of Qatar’s production rate.
The minister added that Phase 19 alone is equivalent to two conventional South Pars phases in investment and operational terms.
“The new phases will also raise the production of gas condensates by 250,000 barrels a day, or 90 million barrels a year and generate upwards of $10 billion a year in revenues.”