Iran Starts Drilling First Development Well at South Pars Phases 22-24

Iran’s IRNA News Agency has reported that drilling for first development well at South Pars gas field's phases 22-24 has started. The rig being used is the same that was used for drilling the first exploratory well, which was drilled by the Pars Oil and Gas Company (POGC) in June.

The phases 22-24 are expected to produce about 12.5 million cubic meters of natural gas once they become operational in May next year.

The government intends to invest nearly $5 billion to develop the three phases, with an aim to produce 56.6 million cubic meters of sour gas, 75,000 barrels of gas condensates, 400 tons of sulfur and 870 tons of LPG.

The field is shared by Iran and Qatar. The Iranian share, which is divided into 29 phases, has about 14 trillion cubic meters of gas, or about eight percent of the total world reserves, and more than 18 billion barrels of liquefied natural gas resources.